Hollysys Announces Completion of Regulatory Review of Merger Transaction

Core Viewpoint - Hollysys Automation Technologies Ltd. is set to complete a merger transaction with a buyer controlled by Ascendent Capital Partners, having received all necessary PRC approvals [1][2]. Company Overview - Hollysys is a leading provider of automation control system solutions in China, with operations in eight other countries across Asia [3]. - The company specializes in integrated solutions for industrial automation and rail transportation, offering a full range of automation hardware, software, and services [3]. - As of June 30, 2023, Hollysys has completed over 45,000 projects for approximately 23,000 customers in various sectors, establishing a strong market position [3]. Transaction Details - The merger transaction will close upon meeting specific conditions, including maintaining a certain level of net cash and cash deposits by the company's subsidiaries [2]. - Upon completion, Hollysys's ordinary shares will be delisted from the NASDAQ Global Select Market [2]. - Ascendent and Hollysys are working to expedite the closing of the transaction [2]. Ascendent Capital Partners Overview - Ascendent Capital Partners is a private equity investment management firm based in Hong Kong, managing assets for global institutional investors [4]. - The firm has a strong track record in executing innovative private equity investments and providing advisory services to entrepreneurs and management teams [4].