Icahn Enterprises has agreed to sell its auto-service chain, Pep Boys, to Mavis Tire Express Services for approximately $700 million in cash. The deal, expected to be announced Tuesday, will see a Mavis subsidiary acquire the business from an Icahn Enterprises subsidiary.

Carl Icahn's company, which purchased Pep Boys in 2016, will reportedly retain ownership of some real estate associated with the chain, as well as the AAMCO Transmissions and Precision Tune Auto Care businesses.

Mavis, based in White Plains, N.Y., operates over 3,600 locations across the U.S. and Canada under various brands, including Midas and Tire Kingdom. The company is jointly managed by brothers David and Stephen Sorbaro.