GE Capital Solutions, and The Blackstone Group have acquired PHH Corporation in an all-cash transaction for $31.50 per share or approximately $1.8 billion. PHH Corp. comprises PHH Arval, a North American fleet management services provider, and PHH Mortgage, a retail originator and servicer of residential mortgages in the United States. PHH Corporation will be purchased by GE, which will retain PHH Arval and sell PHH Mortgage to Blackstone immediately after closing. Lehman Brothers advised GE and Blackstone on this transaction. JP Morgan also served as an advisor to Blackstone. Legal representation was provided by Weil, Gotshal, & Manges LLP and Simpson Thacher & Bartlett LLP to GE and Blackstone, respectively.
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