Transportation Industry
GE, Blackstone Buy PHH in $1.8 Bln. Deal
Transport Topics, March, 2007 by Anonymous
GE Capital Solutions, the Danbury, Conn., leasing and financing unit of General Electric Co., and the Blackstone Group, a global private investment and advisory firm based in New York, have agreed to acquire PHH Corp. for $1.8billion.
PHH Corp., Mount Laurel, N.J., includes PHH Arval, a North American fleet management services provider. The buyout, announced March 15, calls for the purchasers to pay $31.50 a share of PHH.
GE Capital Solutions said it will retain PHH Arval and sell PHH Mortgage to Blackstone immediately after the purchase is completed.
PHH Arval has about $5 billion in assets. It provides outsourced vehicle fleet management solutions to corporate clients.
The acquisition is subject to PHH shareholder and regulatory approvals. GE Capital said...
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