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GE teams up with Blackstone to acquire PHH Corporation for $1.8bn15/03/2007. Source: AltAssets. 
 GE Capital Solutions, the business-to-business leasing, financing and asset management unit of General Electric Co., and US buy-out giant The Blackstone Group have agreed to acquire PHH Corporation in an all-cash transaction for $31.50 per share or approximately $1.8bn.
PHH Corporation comprises PHH Arval, a North American fleet management services provider, and PHH Mortgage, a retail originator and servicer of residential mortgages in the US. Blackstone will acquire PHH Mortgage, while GE will buy PHH Arval.
GE will first buy the entire company PHH Corporation and then sell PHH Mortgage to Blackstone immediately after the closing of the transaction.
Under the terms of the merger agreement, PHH stockholders would receive $31.50 per share in cash at closing, representing a premium of 13.3 per cent over the PHH stock closing price on the NYSE of $27.81 on 14 March 2007, according to a statement.
The board of directors of PHH Corporation has approved the merger and recommended its approval by stockholders.
Blackstone recently announced that it had agreed to acquire The Tussauds Group.
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