Corpay (CPAY) announced that it has signed a definitive agreement to sell PayByPhone, a mobile parking payments business, to Lightyear Capital. Corpay expects the transaction to close in the second quarter of 2026 and does not expect it to have a material impact on its 2026 Cash EPS outlook. “We’ve agreed to terms to divest our PayByPhone business, and hope that PBP will prosper under Lightyear’s ownership,” said Ron Clarke, chairman and CEO of Corpay. “The transaction is another step to simplify our portfolio, and speed our rotation to more corporate payments.”
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