Diversified Subsidiary Companies Presentation
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Evolution of Icahn Enterprises
IEP began as American Real Estate Partners, which was founded in 1987, and now has diversified its portfolio to seven operating businesses and approximately $21 billion of
assets as of December 31, 2023.
IEP's record is based on a long-term horizon that can enhance business value for continued operations and/or facilitate a profitable exit strategy.
IEP has demonstrated a history of successfully acquiring undervalued assets and improving and enhancing their operations and financial results.
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In 2017, IEP sold American Railcar Leasing for $3.3 billion, resulting in a pre-tax gain of $1.7 billion.
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In 2018, IEP sold Federal-Mogul for $5.1 billion, resulting in a pre-tax gain of $251 million, Tropicana for $1.5 billion, resulting in a pre-tax gain of $779 million, and
American Railcar Industries for $1.75 billion, resulting in a pre-tax gain of $400 million.
In 2019, IEP sold Ferrous Resources for aggregate consideration of approximately $550 million (including repaid indebtedness), resulting in a pre-tax gain of $252 million.
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In 2021, IEP sold PSC Metals for total cash consideration of approximately $323 million resulting in a pre-tax gain of $163 million.
Acquired partnership interest in Icahn Capital Management L.P. in 2007
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IEP and certain of Mr. Icahn's family members and affiliates are the sole investors in the Investment Funds.
Timeline of Significant Acquisitions and Exits
As of December 31, 2012(1)
Mkt. Cap: $4.8bn
Total Assets: $24.6bn
CVR Energy
5/4/12: Acquired a majority
interest in CVR via a tender
offer to purchase all
outstanding shares of CVR
Ferrous Resources
6/8/15: IEP acquired a
controlling interest in
Ferrous Resources
IEH Auto Parts Holding
6/1/15: Acquired
substantially all of the
auto part assets in the
U.S. of Uni-Select Inc.
2017: Sale of
ARL for $3.3
billion
American Railcar
Leasing
American Railcar Industries
12/5/18: Sold American
Railcar Industries for
$1.75 billion
Vivus, Inc
As of December 31, 2023 (2)
Mkt. Cap: $7.5bn
Total Assets: $20.9bn
12/11/20: Acquired all of the
outstanding common stock of
Vivus upon its emergence from
bankruptcy
Year:
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
American Railcar Leasing
10/2/13: Acquired 75% of
ARL from companies
wholly owned by Carl
Icahn
CVR Refining & CVR Partners
2013: CVR Refining completed
IPO and secondary offering.
CVR Partners completed a
secondary offering
Pep Boys
2/4/16: IEP
acquired Pep
Boys
Federal-Mogul & Tropicana
10/1/18: Sold Federal-
Mogul for $5.1 billion
and Tropicana for $1.5
billion
Ferrous Resources
8/1/19: Sold Ferrous Resources
for $550 million, IEP share of
cash proceeds was $463 million
(1) Based on the closing stock price of $44.70 and approximately 107.0 million depositary and general partner equivalent units outstanding as of December 31, 2012
(2) Based on the closing stock price of $17.19 and approximately 437.7 million depositary and general partner equivalent units outstanding as of December 31, 2023
PSC Metals
12/7/21: Sold PSC Metals,
LLC for $323 millionView entire presentation