Hollysys To Be Acquired By Ascendent For $1.66 Bln

(RTTNews) - Hollysys Automation Technologies Ltd. (HOLI) on Monday, announced that it will be acquired by Ascendent Capital Partners, an international private investment firm based in Hong Kong.

The all-cash transaction is valued at approximately $1.66 billion, and according to the agreement, Ascendent will acquire all the outstanding shares of Hollysys that it does not already own for $26.50 in cash per share. This price represents a substantial premium of 42% to the unaffected price of $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.

The acquisition is expected to provide significant benefits to both companies, as well as to Hollysys shareholders, who will receive an attractive premium for their shares.