GE, Blackstone Group Buy PHH Corp. for $1.8 Billion

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GE Capital Solutions and the Blackstone Group said Friday they would acquire PHH Corp. for $31.50 per share, or about $1.8 billion.PHH comprises fleet-management services provider PHH Arval and PHH Mortgage, retail mortgage company. PHH Corp. will be purchased by GE, which will keep PHH Arval and sell PHH Mortgage to Blackstone following the deal’s closing.Sparks, Md.-based PHH Arval provides outsourced vehicle fleet-management systems to clients, including about one-third of Fortune 500 companies.PHH FirstFleet, the truck division of PHH Arval, provides asset management, operational support and financial services for light-, medium- and heavy-duty fleets. Through technology and other systems, it helps clients reduce costs and increase productivity in managing their fleets, the companies said in a statement.