The Blackstone Group and GE Capital Solutions has agreed to acquire and split PHH Corp. (NYSE: PHH), a Mt. Laurel, N.J.-based company spun off from Cendant Corp. in early 2005. The deal is valued at around $1.69 billion, with PHH shareholders to receive $31.50 per share in cash (closed yesterday at $27.81). PHH has two business units: PHH Mortgage, which originates private-label mortgages for groups like Merrill Lynch; and PHH Arval, which provides fleet management services in North America. Under terms of the deal, Blackstone will get PHH Mortgage while GE will retain PHH Arval.