Corporate payments company Corpay, Inc. (NYSE:CPAY) announced that it has signed a definitive agreement to sell PayByPhone, a mobile parking payments business, to Lightyear Capital.

“We’ve agreed to terms to divest our PayByPhone business, and hope that PBP will prosper under Lightyear’s ownership,” said Ron Clarke, Chairman and CEO of Corpay. “The transaction is another step to simplify our portfolio, and speed our rotation to more corporate payments.”

The transaction is not expected to have a material impact on Corpay’s 2026 Cash EPS outlook.

The deal is expected to close in the second quarter of 2026.

Deutsche Bank acted as financial advisor to Corpay, and Jones Day acted as legal counsel to Corpay.