Corpay (NYSE:CPAY), a global leader in corporate payments, has officially completed the sale of its mobile parking payment subsidiary, PayByPhone, to the private equity firm Lightyear Capital.
The divestiture marks a significant step in Corpay’s ongoing strategy to streamline its operations and sharpen its focus on its high-growth corporate payments and expense management core.
By offloading the consumer-facing parking asset, the company aims to reduce complexity within its global portfolio.
Financially, the exit is expected to reduce Corpay’s remaining 2026 revenue by approximately $75 million compared to the guidance issued in February.
However, management expects the deal to remain neutral to its 2026 Cash EPS outlook.
Corpay intends to deploy the cash proceeds from the sale toward share repurchases, effectively offsetting the loss of PayByPhone’s earnings contribution through a reduced share count.