(Reuters) – China-focused private equity firm Ascendent Capital said it wants to take Hollysys Automation Technologies private in a deal that will value the Chinese automation control system provider at around $1.61 billion.

Ascendent, which holds a 13.7% stake in Hollysys as the biggest shareholder, proposed a non-binding, all-cash offer to buy all the remaining Hollysys shares at $26 each, a 26.2% premium to the closing price on Nov.

China-focused Ascendent in $1.6 billion take-private bid for Hollysys comes via ChinaTechNews.com.