Reuters- Mortgage and vehicle fleet company PHH Corp (PHH.N) said on Tuesday it terminated its nearly $2 billion sale to General Electric Co (GE.N) and Blackstone, after the private equity firm failed to obtain required financing for the deal.
GE and the Blackstone Group (BX.N) had agreed in March to acquire PHH for $1.8 billion. Under the terms, GE would retain PHH’s vehicle fleet company PHH Arval and would have sold PHH Mortgage to Blackstone immediately after closing.
“The board will determine in due course whether to continue to explore the company’s strategic alternatives,” A.B. Krongard, nonexecutive chairman, said in a statement.
