According to the Smart Finance App, Hollysys Automation Technologies (HOLI.US) surged more than 19% in pre-market trading on the US stock market. Prior to that, buyer Ascendent Capital Partners disclosed in its 13D/A document on Monday that its affiliate Superior Technologies Holding had obtained all approvals from China for the $1.66 billion deal. The buyer said it is working to "quickly" complete the transaction.

Before that, media reports at the end of April suggested that the transaction may face strict scrutiny from China's anti-monopoly and national security regulatory authorities.

It is understood that back in December 2023, this Beijing-based company announced a privatization deal under which it would be acquired by private investment firm Ascendent in an all-cash transaction. Ascendent, based in Hong Kong, will pay $26.50 in cash per share for all outstanding shares of Hollysys Automation Technologies that it currently does not hold.

In early February, Hollysys Automation Technologies said that its shareholders had approved Ascendent's acquisition of the company.