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PHH Corp. (fleet management, residental mortgages)
PHH Corp. (fleet management, residental mortgages)
Blackstone paid a $50 million termination fee after the lenders failed to agree on a price.
Deal announced: 03/15/2007
Deal withdrawn: 01/01/2008
Investors: GE Capital Solutions and Blackstone Group
Value of the deal: $1.7 billion

Finance companies have proven to be Blackstone's big misstep--witness the hit it's taking on its completed investment in bond insurerFGIC.

In September the lenders who agreed to finance the PHH deal, including J.P. Morgan Chase and Lehman Brothers, wanted to severely cut back the amount of money they would provide.

After much disagreement, the parties missed the Dec. 31 deadline to get the deal done, and Blackstone paid a $50 million termination fee.

NEXT: NIBC Holding (merchant bank)
Last updated May 19 2008: 1:26 PM ET
Thomson Reuters, Capital IQ