Corpay, Inc. (NYSE: CPAY), a global provider of corporate payment solutions, has entered into a definitive agreement to sell its mobile parking payments business, PayByPhone, to Lightyear Capital.
This divestiture is part of Corpay’s strategy to streamline its portfolio and accelerate its focus on core corporate payment offerings. Ron Clarke, Chairman and CEO of Corpay, stated, “We’ve agreed to terms to divest our PayByPhone business, and hope that PBP will prosper under Lightyear’s ownership. The transaction is another step to simplify our portfolio, and speed our rotation to more corporate payments.”
The transaction is not anticipated to materially affect Corpay’s 2026 Cash EPS outlook. Further details regarding the financial implications of the sale are expected to be shared during the company’s fourth-quarter earnings call. The acquisition is projected to conclude in the second quarter of 2026.
Deutsche Bank served as financial advisor to Corpay, with Jones Day providing legal counsel. Corpay, an S&P 500 company, specializes in commercial cards, including business, fleet, and virtual cards, alongside AP modernization solutions such as invoice and payments automation and cross-border payments for businesses globally.
