Firms act on Ascendent’s USD1.66bn acquisition of Hollysys

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Firms act on Ascendent’s Hollysys acquisition
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Six law firms counsel on private investment equity management company Ascendent Capital Partners’ acquisition of China-based control system solutions provider Hollysys Automation Technologies for USD1.66 billion.

Partners Miranda So and Lijun Yan led Davis Polk’s corporate team advising Hollysys, along with counsel-registered foreign lawyers Jie Zhang and Kevin Zhang. Partner Martin Rogers led the regulatory and compliance team with the help of associates Alice Leung and Lok Cheung. Partner Nick Benham, counsel Aaron Ferner and associate Claudia Herron provided finance advice.

Partner Paul Christopher led the offshore team from Mourant Ozannes also acting for Hollysys. Haiwen & Partners has not commented on its role for Hollysys at the time of publication.

Appleby’s Hong Kong and Shanghai office managing partner David Bulley led his firm’s team as BVI counsel for Ascendent with support from BVI dispute resolution team head Andrew Willins.

Morrison & Foerster acted as legal counsel to Ascendent, with the US firm’s team being led by partners Marcia Ellis, Rongjing Zhao and Spencer Klein. Zhong Lun Law Firm, which has also been mandated by Ascendent as a legal advisor, has yet to respond to our inquiry regarding its role.

Ascendent will acquire all outstanding shares of Hollysys not currently owned for USD26.50 apiece in cash, totalling USD1.66 billion. Around 86.94% of Hollysys’ shareholders who voted gave their nod to Ascendent’s acquisition offer. Completion of the deal is subject to closing conditions and customary regulatory approval.

Ascendent is headquartered in Hong Kong, while Hollysys is headquartered in Beijing with overseas operations throughout Asia.

Hollysys empowers its customers with enhanced operational safety, reliability, efficiency and intelligence which are critical to their businesses.

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