PHH announced yesterday that it is in talks regarding a potential sale of its fleet management services business, PHH Arval. PHH is a provider of business process management services for the mortgage and fleet industries.
"PHH is engaged in discussions regarding a potential sale of PHH Arval, its Fleet Management Services business.There can be no assurance that these discussions will result in a definitive agreement or on what terms. We do not intend to provide further comment at this time," the company said in a released statement.
The New Jersey-based firm revealed in discussion of its Q1 earnings that it is exploring ways to maximize shareholder value through the separation of its fleet business, mortgage business, or both.That follows net losses for the first quarter of $42 million or $0.73 per share, compared to net income of $52 million or $0.79 per share in the year-ago period. Net revenue for the quarter fell to $517 million from $730 million in the prior-year period.
The company has said it has retained J.P. Morgan Securities LLC, Centerview Partners LLC and Kirkland & Ellis LLP to assist in the process.
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