Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel, KPMG served as financial advisor, and Jefferies LLC acted as lead financial advisor to KSS. Nagashima Ohno & Tsunematsu, Weil Gotshal & Manges LLP, and Freshfields Bruckhaus Deringer LLP served as legal counsel to Takata. PricewaterhouseCoopers served as financial advisor, and Lazard served as investment banker to Takata. Paul Weiss Rifkind Wharton & Garrison LLP served as legal counsel to PAG.
A consortium led by its parent Ningbo Joyson Electronic Corporation and PAG, an Asia based private equity firm and Future Industry Investment Fund provided the funding to Key Safety Systems to successfully complete the acquisition of substantially all of the global assets of Japan-based Takata Corporation, a leading global supplier of vehicle safety systems including seat belts, airbags, steering wheels and child seats as well as other automotive products, out of cross-border bankruptcies in the United States and Japan. Takata’s liabilities associated with the recall of phase-stabilized ammonium nitrate (PSAN) airbag inflators and other liabilities were not acquired by KSS. KSS, headquartered in Michigan, USA, is a global leader in mobility safety.
The combined company will be rebranded Joyson Safety Systems and be headquartered in Auburn Hills, Michigan, USA.
Joyson Safety Systems is a global leader in mobility safety, generating annual sales of about $7 billion. The company operates in 25 countries with more than 50,000 employees providing life-saving technologies to both automotive and non-automotive markets.
The $1.588 billion transaction was funded using a combination of equity and debt.
The purchase agreement announced on November 21, 2017 was subject to a number of closing conditions, all of which have now been met, including antitrust clearance and bankruptcy court approvals in multiple countries.
The Paul, Weiss team included corporate partner Jeanette Chan (Picture) and counsel Corinna Yu and Kit Mak; and antitrust counsel Marta Kelly.
Involved fees earner: Jeanette Chan – Paul Weiss Rifkind Wharton & Garrison; Corinna Yu – Paul Weiss Rifkind Wharton & Garrison; Kit Mak – Paul Weiss Rifkind Wharton & Garrison; Marta Kelly – Paul Weiss Rifkind Wharton & Garrison;
Law Firms: Paul Weiss Rifkind Wharton & Garrison;
Clients: PAG Capital;