The Car and Truck Fleet and Leasing Management Magazine

PHH Shareholders OK Split Buyout

September 28, 2007

MT.LAUREL, N.J. – On Sept. 26, PHH Corp. shareholders have approved a deal whereby the company would be taken private, and split in two, according to the Web site, www.pehub.com.

Under terms of the deal, The Blackstone Group would acquire PHH Mortgage, which originates private-label mortgages for groups like Merrill Lynch, while GE Capital Solutions would acquire PHH Arval, which provides fleet management services in North America.

PHH stockholders would receive $31.50 per share, which puts the total deal value at approximately $1.69 billion. PHH is based in Mt. Laurel, N.J., and spun off from Cendant Corp. in early 2005.

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