GE Capital to buy PHH and First Fleet

Continuing its acquisition spree of trucking services firms, GE Capital Solutions said it plans to buy mortgage lender and car leasing giant PHH Corp

Continuing its acquisition spree of trucking services firms, GE Capital Solutions said it plans to buy mortgage lender and car leasing giant PHH Corp. and its Ft. Lauderdale-based truck leasing subsidiary, PHH First Fleet, for $1.8 billion cash.

Eden Prairie, MN-based GE Capital – a subsidiary of General Electric Co. – added that it plans to sell off Mount Laruel, NJ-based PHH’s home mortgage operations to The Blackstone Group, a global private investment and advisory firm.

The PHH purchase is one in a series of acquisitions GE has made over the past several years to broaden its offerings to the trucking industry. Its GE Equipment Services division purchased Dallas-based Terion Inc. in February this year, with plans to roll Terion’s trailer tracking product into GE’s VeriWise trailer tracking package. In 2003, GE’s Driver Development division bought our Dallas-based truck driver simulator maker I-Sim LLC.

The PHH deal handsomely broadens GE’s truck and trailer leasing portfolio – making more services available to its Transport International Pool (TIP) trailer leasing subsidiary, which it renamed GE Trailer Fleet Business in 2004, and to Penske Truck Leasing operations.

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