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Pep Boys to be acquired in $791 buyout
Philadelphia -- The Pep Boys — Manny, Moe & Jack, has agreed to be taken private by private equity firm The Gores Group for about $791 million. The total transaction, including debt, is valued at about $1 billion.
Under the terms of the buyout, the Los Angeles-based Gores Group will pay Pep Boys shareholders $15 a share, 24% above the closing price on Friday.
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Walmart and Redbox renew agreement
Oakbrook Terrace, Ill. -- Redbox Automated Retail, a division of Coinstar, announced Tuesday it has renewed its agreement with Walmart to continue featuring Redbox kiosks at more than 3,700 Walmart locations nationwide.
The agreement extends the availability of Redbox kiosks and builds upon the companies' more than five-year relationship, said Redbox.
The first Redbox kiosks were installed in Walmart stores in 2006.