Mourant advises Hollysys Automation Technologies on US$1.66 billion privatisation by Ascendent Capital Partners

Mourant, a law firm-led professional services business, has acted as BVI legal counsel to Hollysys Automation Technologies (Hollysys) on its US$1.66 billion privatisation by Hong Kong-based private equity firm Ascendent Capital Partners.

The completion of the privatisation was announced on 25 July 2024 following the 11 December 2023 acquisition plan announcement. On completion, Hollysys requested that Nasdaq file a Form 25 with the Securities and Exchange Commission (SEC) notifying the SEC of the delisting of the Shares on Nasdaq and the deregistration of the Company's registered securities.

Asia and Hong Kong Managing Partner and Practice Leader of the Hong Kong Corporate and Investment Funds team, Paul Christopher, and Corporate Partner, Jessica Lee, led the privatisation for Mourant, working closely with Hong Kong Senior Associate Jesslyn Leung.

Headquartered in Beijing, Hollysys is an automation control system solutions provider in China with overseas operations in eight other countries and regions throughout Asia. Headquartered in Hong Kong, Ascendent Capital Partners is a private equity investment management firm managing assets for global institutional investors, including sovereign wealth funds, endowments, pensions and foundations.

Deutsche Bank AG, Davis Polk & Wardwell, and Haiwen & Partners also advised Hollysys on the transaction. Ascendent Capital Partners was advised by BNP Paribas Securities Corp, Morrison & Foerster LLP, and Zhong Lun Law Firm.

The acquisition was shortlisted for M&A Deal of the Year at the ALB China Law Awards 2024.