General Electric Co. and the equity firm of Blackstone Group announced Thursday they will acquire PHH Corp., a mortgage and fleet management services company, for $1.8 billion.
The offer will lead to the break up of PHH's mortgage and vehicle fleet services businesses, according to Reuters.
PHH, which was spun off in 2005 from what was then known as Cendant Corp., consists of PHH Arval, which provides vehicle fleet management services to corporate and government clients, and PHH Mortgage, a retail originator and servicer of residential mortgages.
GE Capital Solutions, which already has a vehicle fleet management operation, will buy New Jersey-based PHH Corp., and keep PHH Arval while selling PHH Mortgage to Blackstone after closing.
The parties expect the acquisition to close in the third quarter.
The offer will lead to the break up of PHH's mortgage and vehicle fleet services businesses, according to Reuters.
PHH, which was spun off in 2005 from what was then known as Cendant Corp., consists of PHH Arval, which provides vehicle fleet management services to corporate and government clients, and PHH Mortgage, a retail originator and servicer of residential mortgages.
GE Capital Solutions, which already has a vehicle fleet management operation, will buy New Jersey-based PHH Corp., and keep PHH Arval while selling PHH Mortgage to Blackstone after closing.
The parties expect the acquisition to close in the third quarter.
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