GE Capital Solutions will acquire PHH Corp., owner of Sparks-based PHH Arval, an auto fleet management company, for $1.8 billion in an all-cash transaction.
GE Capital Solutions, the leasing, financing and asset management unit of General Electric, will sell the mortgage operations of PHH, a prime mortgage originator and servicer, to an affiliate of The Blackstone Group, a global private investment firm.
“PHH Arval and GE together can bring the focus needed to create measurable value for our fleet customers,” George Kilroy, president and CEO of PHH Arval, said in a statement.
Following the agreement, the transaction still needs approval from the stockholders, state licensing and antitrust laws.
PHH stockholders would receive $31.50 per share in cash at the closing if they approve it.
