China-focused private equity firm Ascendent has offered to acquire Hollysys Automation Technologies for $1.6 billion, while Korea’s National Pension Service has invested in Stockbridge.
Hong Kong PE firm Ascendent is single-largest shareholder in Hollysys
Hong Kong-based private equity firm Ascendent Capital Partners has made a $1.6-billion takeover bid for integrated solutions provider Hollysys Automation Technologies, according to a Bloomberg report.
The China-focused PE firm made the offer after it became Hollysys’s single-largest shareholder by shares in the market. It now holds a 13.7% stake in the company.
According to a letter to the board seen by Bloomberg, Ascendent proposed a non-binding, all-cash offer of $26 per share to acquire all the issued and outstanding shares of Beijing-based Hollysys.
Hollysys fended off several takeover bids since the end of 2020. Last year, a consortium of Recco Control Technology and Hong Kong-based Dazheng Group Investment Holdings offered $1.6 billion to acquire the company. Hollysys, however, decided against a sale.
NPS takes minority stake in realty investment firm Stockbridge
South Korea’s National Pension Service (NPS), the world’s third-largest public pension fund, has agreed to invest in San Francisco-based real estate investment management firm Stockbridge, making it a minority interest holder in the US firm.
In a statement, Stockbridge said NPS is investing through a separate account investment programme administered by asset manager Blue Owl Capital. Financial details of the investment were not disclosed.
Stockbridge has approximately $33.8 billion of assets under management as of June 30, 2023, spanning all major real estate property types and certain specialty property types with an emphasis on residential and industrial space throughout the US.
With NPS coming in as a minority shareholder, Stockbridge said it has reorganised its two business units, Core and Value Advisors (CVA) and its Platform Business, under common ownership and alignment structures.
“NPS’ investment in Stockbridge will assist us in completing our corporate reorganisation and provide new capital for our continued growth while allowing us to execute independently,” said Terry Fancher, founder and CEO of Stockbridge.
The investment comes barely five months after NPS said it is considering opening an overseas office in San Francisco for new investment opportunities, as it seeks higher investment returns. The world’s third-largest public pension fund currently has three representative offices abroad: in New York for its investments in North America, London for Europe, and Singapore for Asia.