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| Exchange Disseminated Time | HOV Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 12, 2011 have considered and approved the merger of its indirect subsidiary HOV Services LLC incorporated under the laws of Delaware, (“HOV Services”) with SOURCECOR Inc., a portfolio company of Apollo Management V,
L.P. incorporated under the laws of Delaware (“SOURCECORP”). SOURCECORP is a Texas-based BPO services and specialty consulting services Company.
As a result of this merger, on the basis of fully diluted shareholding, the Company and SOURCECORP will each control 50% of SCH Services Inc. a Delaware corporation, incorporated under laws of US ("SCH Services").
The Transaction is expected to be completed in the next 45-60 days subject to the regulatory approvals in US and customary closing conditions. The merger will bring together two highly recognized companies and create SCH Services as one of the largest business process outsourcing and professional services consulting Company. |
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