Global leader in mobility safety, US-based Key Safety Systems has completed the global acquisition of the bankrupt Japanese car safety systems maker Takata Corp. for $1.58 billion through a combination of equity and debt, to merge and form a combined entity re-branded as Joyson Safety Systems and is headquartered in Michigan, US, reported Economic Times. The deal earlier announced on June 25, 2017, was funded by a consortium led by Joyson Electronics and Asia-based PE firm PAG Asia capital and did not involve liabilities related to the recall of Takata’s ammonium nitrate airbag inflators.
J Sagar Associates (JSA) acted as the Indian legal advisors to
Skadden Arps Slate Meagher & Flom acted as the international legal counsel to
Japan-based Takata Corporation is a leading global supplier of vehicle safety systems including seat belts, airbags, steering wheels and child seats as well as other automotive products. The company’s recent collapse had been triggered by the massive recall of faulty airbags that had led to more than 20 deaths and hundreds of injuries around the world and affected leading car manufacturers like Toyota, Honda and Volkswagen. It was also reported to be the largest corporate bankruptcy of a Japanese manufacturer and marked the end of the 84-year old company.
2018-04-12
This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.
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