Corporate payments company Corpay, Inc (NYSE:CPAY) today announced it has completed the sale of PayByPhone, its mobile parking payments business, to Lightyear Capital.

“We’ve completed the sale of our PayByPhone business,” said Ron Clarke, Chairman and CEO of Corpay. “The transaction simplifies our portfolio and furthers our rotation to corporate payments.”

The transaction is expected to reduce Corpay’s rest-of-year 2026 revenues by approximately $75 million relative to the company’s February guidance. The divestiture is expected to be neutral to Corpay’s 2026 Cash EPS outlook, as Corpay intends to use the cash proceeds for share repurchases. The company continues to expect organic revenue growth of 10% in 2026, inclusive of the impact of this transaction.