Exhibit 99.1
Icahn Enterprises L.P. Completes Sale of
Federal-Mogul LLC and Tropicana Entertainment Inc.
NEW YORK, October 1, 2018 — Icahn Enterprises L.P. (NASDAQ: IEP) today announced that it coincidentally fully completed two major transactions on the same day, the full details of which were previously announced:
| | • | the sale of Federal-Mogul LLC to Tenneco Inc. (NYSE: TEN) for $800 million in cash and 29.5 million shares of Tenneco common stock; and |
| | • | the sale of Tropicana Entertainment Inc. to Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) and Eldorado Resorts, Inc. (NASDAQ: ERI) for aggregate consideration of approximately $1.85 billion. |
Carl C. Icahn, Chairman of Icahn Enterprises, stated: “Icahn Enterprises acquired majority control of Federal-Mogul in 2008 when we saw anout-of-favor market opportunity for a great company. During that time, we have built one of the leading global suppliers of automotive products. This transaction is an excellent example of our general modus operandi at Icahn Enterprises, by which we seek to acquire undervalued assets, nurture, guide and improve their condition and operations, and ultimately develop them into more valuable businesses, which greatly enhances value for all shareholders.”
Mr. Icahn continued: “Icahn Enterprises first acquired an interest in Tropicana in 2008. Tropicana was bankrupt and desperately needed new leadership. 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.”
About Icahn Enterprises L.P.
Icahn Enterprises, a master limited partnership, is a diversified holding company engaged in nine primary business segments: Investment, Automotive, Energy, Mining, Railcar, Food Packaging, Metals, Real Estate and Home Fashion.
Caution Concerning Forward-Looking Statements
This release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Forward-looking statements may be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will” or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises L.P. and its subsidiaries. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors, including risks related to economic downturns, substantial
