We are advising Hollysys on the acquisition

Davis Polk is advising Hollysys Automation Technologies Ltd. in connection with its acquisition by Ascendent Capital Partners, in an all-cash transaction valued at approximately $1.66 billion. According to the terms of the agreement, Ascendent will acquire all outstanding shares of Hollysys that it does not currently own for $26.50 per share in cash. The deal is subject to approval by the shareholders of Hollysys and certain closing conditions, including customary regulatory approval.

Headquartered in Beijing, China, Hollysys is an automation control system solutions provider, with overseas operations in eight other countries and regions throughout Asia. Leveraging its proprietary technology and deep industry know-how, Hollysys empowers its customers with enhanced operational safety, reliability, efficiency and intelligence which are critical to their businesses.

Headquartered in Hong Kong, China, Ascendent Capital Partners is a private equity investment management firm managing assets for global institutional investors, including sovereign wealth funds, endowments, pensions and foundations.

The Davis Polk corporate team includes partners Miranda So and Lijun (Annie) Yan and counsel – registered foreign lawyers Jie Zhang and Kevin Zhang. Partner Martin Rogers and associates Alice Leung and Lok Cheung are providing regulatory and compliance advice. Partner Nick Benham, counsel Aaron Ferner and associate Claudia Herron are providing finance advice. Members of the Davis Polk team are based in the Hong Kong, Beijing and London offices.

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