PHH Corp. agrees to be acquired by GE unit

0 Comments | Philadelphia Inquirer, The, March, 2007 | by Henry J. Holcomb

PHH Corp., a major employer in Mount Laurel and leader in the mortgage and fleet-services businesses, said yesterday that it had agreed to be acquired by GE Capital Solutions, a unit of General Electric Co.

If the $1.8 billion all-cash deal is completed, possibly in the third quarter of this year, GE intends to sell the Mount Laurel-based mortgage part of the business to an affiliate of the Blackstone Group L.P., a global private-investment and advisory firm based in New York.

It would become the first pure mortgage company for 22-year-old Blackstone, which says it has invested $24.1 billion in a diversified portfolio of businesses.

GE would retain the fleet-services business, which is based in Sparks, Md.

The effect of the deal on PHH employees in...