Hollysys to be acquired by Ascendent Capital for $26.50 per share in cash

Hollysys Automation Technologies announced that it has reached an agreement to be acquired by Ascendent Capital Partners, an international private investment firm headquartered in Hong Kong. The acquisition, which concludes a months-long sale process, will be completed through an all-cash transaction valued at approximately US$1.66B. According to the terms of the agreement, Ascendent will acquire all outstanding shares of Hollysys that it does not currently own for US$26.50 per share in cash. This price represents a premium of 42% to the unaffected price of US$18.66 as of August 23, 2023. The Board of Directors of Hollysys, upon the unanimous recommendation of the Special Committee of independent directors, has given its unanimous approval for the transaction.