HOV Services’ arm to demerge in to another new subsidiary

HOV Services’ wholly owned subsidiary — HOVS LLC has filed the Plan of Division (De-merger), under the laws of the State of Delaware, United States of America. The company’s board in their meeting held on February 10, 2025 has approved the same. The HOVS LLC will demerge in to another new subsidiary. Under the Plan, the new demerged entity will hold the investment assets of HOVS LLC and the demerged entity will also own by the company, this will help to strengthened the consolidated structure of the company and also will enable the management more flexibility for business opportunities. 

The company will get shares of the new resultant entity for the value of the investment transferred as per the Plan. Under the Plan, all of the equity securities issued by Exela Technologies, Inc. that are held by the HOVS LLC will get transferred to new entity and the HOVS LLC will retain the ownership of all other remaining assets/liability.

HOV Services provides critical support to a wide range of firms in the financial services sector, including consumer credit cards, retail and auto financing, personal loans, mortgages and other banking products.