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Hollysys Automation (NASDAQ:HOLI) soared 14% in premarket trading after buyer Ascendent Capital Partners disclosed that it received all Chinese approvals for the $1.66 billion deal.
Ascendent Capital Partners is working to complete the deal “expeditiously,” the buyer disclosed in a 13D/A filing on Monday.
The update comes after a report in late April that the deal may face scrutiny from China’s antitrust as well as its national security regulators,
In December 2023, the Beijing-based company announced a going private deal under which it would be acquired by private investment firm Ascendent in an all-cash transaction. Hong Kong-based Ascendent is acquiring all outstanding shares of Hollysys that it does not currently own for $26.50 per share in cash.
In early February, Hollysys said its shareholders approved its acquisition by Ascendent.