HollySys Automation Technologies Ltd. (NASDAQ: HOLI) ("HollySys") and Ascendent Capital Partners ("Ascendent") announced on 25 July 2024 the completion of the merger between Hollysys and entities affiliated with Ascendent, pursuant to the previously announced agreement and plan of merger ("Privatisation"), and HollySys will be delisted from the Nasdaq Global Select Market. Industrial Bank of China., Ltd. Hong Kong Branch acted as mandated lead arranger and bookrunner and original lender ("Financier") and provided a US$1.055 billion equivalent privatisation financing for the Privatisation.
Established in 1993, HollySys is a leading supplier of automation and IT solutions in China. Headquartered in Beijing, the Group has offices for R&D, production or services based in Hangzhou, Xi'an, Shenzhen, Singapore, India, Malaysia, and Indonesia, along with dozens of service agencies spread throughout the country. HollySys operates in industrial automation, transportation automation and medical and health care.
King & Wood Mallesons acted as lead counsel to the Financier on the financing of the Privatisation. The transaction involved collaboration of KWM Hong Kong, Shanghai and New York offices, once again demonstrated our abilities in providing cross-jurisdictional one-stop-shop legal services.
The transaction was led by cross-border finance partner David Lam and Shanghai partner Simon Xu. New York partner Eli Han provided US law support. The KWM team also included Khin Voong, Marilyn Zhang, Sun Wanqing and Zeng Shanshan.
