PHH Receives $50 Million Termination Fee From Blackstone
MT. LAUREL, N.J. - PHH Corp. said on Jan. 4 that it received a $50 million fee from Blackstone Capital, whose deal to purchase PHH recently collapsed due to difficulties in getting financing.
MT. LAUREL, N.J. - PHH Corp. said on Jan. 4 that it received a $50 million fee from Blackstone Capital, whose deal to purchase PHH recently collapsed due to difficulties in getting financing.
Blackstone and a unit of General Electric Co. agreed to buy mortgage lender PHH in March for about $1.8 billion, but in September Blackstone said it might face a financing shortfall of up to $750 million because of tightening credit markets. The deal was called off earlier this week.
PHH has agreed to pay up to $4.5 million of the fees of the third-party consultants Blackstone retained in connection with the transactions.
Shares of PHH hit a multiyear low of $15.97 on a down day in the markets and closed the session off 87 cents, or 5.2 percent, to $15.98.
More Operations
What's Best Handled by an FMC, and What's Better Done Directly?
Fleet managers continue to rely on FMCs for essential services but are taking a closer look at where working directly with suppliers can improve efficiency and responsiveness.
Read More →
Fleet Meets: Erin Gilchrist
Meet Erin Gilchrist, the inaugural Mike Antich Spirit of Fleet Award winner, as she shares insights on leadership, mentorship, the power of industry connections, and why people remain at the heart of fleet's future.
Read More →
How 2026 Fleet Visionary Jamie McKay Manages 2,400 Vehicles Across 37 States
How do you keep 2,400 vehicles running across 37 states? Fleet Visionary Award winner Jamie McKay shares how collaboration, flexibility, and a few simple strategies help her tackle fleet management challenges at Aptive Pest Control.
Read More →
Managing Fleet Costs in an Era of Permanent Volatility
Fleet operating costs have risen more than 20% since 2020, raising a key question: When does extending a vehicle's service life stop making financial sense?
Read More →
The Next Evolution of Fleet Management: Autonomous Operations
This opening keynote session at the Fleet Forward Conference highlights the future of autonomous driving for fleets.
Read More →
How to Reduce the Total Cost of Risk From Catalytic Converter Theft
A stolen catalytic converter can cost fleets far more in downtime and lost productivity than in repairs. A total-cost-of-risk approach can help fleet managers quantify their exposure and prioritize theft prevention.
Read More →
Personal-Use Charges Rise as Vehicle Values Fall | AF News Recap
Personal-use charges are climbing, wholesale used-vehicle values are declining, and commercial fleet sales growth is slowing. This week, we're breaking down the latest fleet data, plus how Element Fleet Management is helping Waymo prepare for its first Canadian robotaxi market.
Read More →
Here's When You Should Make an Exception to Fleet Policy
Fleet policies are designed to create consistency, but not every driver or situation fits neatly within standard rules.
Read More →
AI-Native or AI-Acquired: What Should Fleet Managers Look for in an AI Platform?
Six questions can help fleet managers look beyond AI marketing claims to evaluate integration, data access, and real-world operational performance.
Read More →
A buyer's guide to fleet management software in 2027
Buying fleet management software in 2027 means looking beyond features and price. As fleet operations, technology and expectations evolve, this guide explores what today’s fleet professionals should consider when choosing a system that can deliver value now and adapt to what comes next.
Read More →