China Buyout Firm Ascendent Said to Resume Hollysys Pursuit (1)

China-focused private equity firm Ascendent Capital Partners is considering reviving a potential offer to take Hollysys Automation Technologies Ltd. private, people familiar with the matter said, as interest in the industrial company heats up.

Ascendent Capital is working with financial advisers and exploring financing options as it evaluates a fresh bid for US-listed Hollysys, the people said, asking not to be identified discussing confidential information.

The buyout firm was among the bidders pursuing Hollysys in 2021, a process that seemed to have stalled until earlier this year. Considerations are ongoing, and it could still decide against pursuing a deal.

Hollysys provides integrated solutions for industrial automation and rail transport.

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