We are advising Lightyear Capital on the transaction

Davis Polk is advising Lightyear Capital on its acquisition of PayByPhone from Corpay. The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals. Financial terms of the transaction were not disclosed. 

Lightyear Capital is a New York-based private equity firm that partners with growing companies at the nexus of financial services and technology, healthcare and business services. For over 25 years, Lightyear has worked closely with management and leveraged its industry expertise, network of advisers and operating resources to accelerate growth and build market-leading businesses. As of December 31, 2024, the firm had assets under management of $7.2 billion.

PayByPhone is a global leader in mobile parking payments. PayByPhone works with over 1,300 cities and operators across the United Kingdom, North America, France, Germany and Switzerland. More than 110 million drivers worldwide have downloaded the PayByPhone app to simplify their parking and vehicle payments to date.

The Davis Polk corporate team includes partner Michael Davis, counsel Brian L. Friedman and associates Ryan Olson and Adam Petno. Partner Pritesh P. Shah and associate Jordan Khorshad are providing intellectual property advice. Partner Ethan R. Goldman and counsel Danielle Rapaccioli are providing tax advice. Partner Adam Kaminsky is providing executive compensation advice. Partner Robert F. Smith is providing finance advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

Copy link to share post