Hollysys Automation stock jumps after buyer Ascendent says all China approvals received

Hollysys Automation (NASDAQ:HOLI) soared 14% in premarket buying and selling after purchaser Ascendent Capital Companions disclosed that it obtained all Chinese language approvals for the $1.66 billion deal.

Ascendent Capital Companions is working to finish the deal “expeditiously,” the client disclosed in a 13D/A submitting on Monday.

The replace comes after a report in late April that the deal might face scrutiny from China’s antitrust in addition to its nationwide safety regulators,

In December 2023, the Beijing-based firm introduced a going non-public deal underneath which it might be acquired by non-public funding agency Ascendent in an all-cash transaction. Hong Kong-based Ascendent is buying all excellent shares of Hollysys that it doesn’t at the moment personal for $26.50 per share in money.

In early February, Hollysys mentioned its shareholders accepted its acquisition by Ascendent.