General Motors Building, 767 Fifth Ave., where Icahn Enterprises is headquartered.
NEW YORK CITY—Icahn Enterprises completed two whopping transactions on the same day. The New York City-headquartered conglomerate closed on the sale of Federal-Mogul to Tenneco, comprising $800 million in cash and 29.5 million shares of Tenneco common stock. That deal was valued at $5.4 billion when Icahn first announced it in April. It also closed on the sale of Tropicana Entertainment to Gaming and Leisure Properties and Eldorado Resorts for approximately $1.85 billion.
“Icahn Enterprises first acquired an interest in Tropicana in 2008. Tropicana was bankrupt and desperately needed new leadership,” says Carl E. Icahn, chairman of Icahn Enterprises. “At that time, we identified this undervalued asset as being a perfect situation to deploy our modus operandi, by which we seek to acquire undervalued assets, nurture, guide and improve their condition and operations, and to ultimately greatly enhance value for all shareholders.”
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
