Corpay, Inc. (CPAY), Wednesday announced the decision to sell PayByPhone, a mobile parking payments business, to Lightyear Capital. The financial details of the deal have not been disclosed.
Notably, the transaction is not expected to have a material impact on Corpay's 2026 Cash EPS outlook.
Ron Clarke, Chairman and CEO of Corpay, commented, "The transaction is another step to simplify our portfolio, and speed our rotation to more corporate payments."
The transaction is expected to close in the second quarter of 2026.
In the pre-market hours, CPAY is trading at $282.46, down 3.34 percent on the New York Stock Exchange.
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