Exela Technologies, Inc. (XELA), a leader in business process automation, announced on Monday that its Board of Directors has given the green light to explore a spin-off of its wholly-owned subsidiary, Exela Technologies BPA, LLC.
This strategic move is designed to enhance shareholder value. Should the spin-off materialize, Exela stockholders will receive their proportional share in a newly established holding company that will manage Exela's business process automation segment.
Post spin-off, shareholders will retain their stakes in Exela, which includes its significant ownership exceeding 70% in XBP Europe Holdings, Inc. and the North American onsite services sector, minus the BPA Business.
Loeb & Loeb LLP is acting as legal counsel to Exela in this potential spin-off.
