Hong Kong Taisho Group leads the acquisition of automation company and Lishi for $1.8 billion

Source: TechSugar

    According to a statement on December 24th, a consortium led by Taisho Group (Hong Kong) Investment Co., Ltd. has announced the acquisition of Belgian automation and control technology company HollySys Automation (Hollysys) in an all cash transaction worth $1.8 billion.

    The consortium, including TFI Asset Management and GA Technologies, will acquire all outstanding shares of Hollysys for $29 per share in cash.

    The acquisition amount of this transaction is 9.4% higher than the acquisition offer made by Ascendent Capital, a Hong Kong company, on December 11th. In August of this year, a consortium led by Recco Control Technology and Taisho Group proposed a cash acquisition offer of $25 per share, and the announcement on December 24th raised the acquisition price to $29 per share.

    At present, Hollyssey has not responded to a request for comment.