Buyouts valued at nearly $45bn (â¬30.6bn) have been cancelled since the crisis in the debt markets last summer triggered a decline in liquidity to finance deals, as the $2.25bn buyout of PHH becomes the first to be dissolved this year.
PHH, a US mortgage and leasing business, had agreed to the takeover by a subsidiary of General Electric Capital Corporation, followed by the sale of its mortgage division to the Blackstone Group in March.
