Blackstone Deal Falls Through
The combined purchase of PHH by Blackstone and General Electric has been terminated due to missing the December 31st deadline.
PHH provide mortgages in the US and also operate fleet management services.
It is thought the recent credit crunch made funding the deal impossible.
Cheaper credit from banks is now much harder to obtain. The deal was originally announced back in March last year with a PHH purchase price of $1.8bn.