Skadden, Arps, Slate, Meagher & Flom, Paul, Weiss, Rifkind, Wharton & Garrison, and Weil, Gotshal & Manges are among the global firms that advised on a $1.6 billion deal in which a Chinese consortium completed the acquisition of troubled Japanese air-bag maker Takata Corp.
The global nature of the deal required lawyers from around the world, including teams from Chicago, New York and Wilmington, Delaware, in the United States, Hong Kong and Tokyo in Asia, and Hamburg in Europe.
Michigan-based auto-parts maker Key Safety Systems announced on Wednesday it had secured funding from parent Ningbo Joyson Electronic Corp. and Hong Kong-based private equity firm PAG to acquire most of Takata’s assets and operations. The Japanese company went bankrupt after its faulty air-bags were linked to numerous deaths and injuries in the United States and in other countries.
Skadden advised Key Safety Systems and Joyson with a team led by corporate restructuring partner Ron Meisler in Chicago and mergers and acquisitions partner Steven Daniels in Wilmington.
Paul Weiss Hong Kong partner Jeanette Chan led a team representing PAG.
Weil’s New York-based M&A partners Frederick Green and Gavin Westerman and restructuring partners Marcia Goldstein and Ronit Berkovich acted for Takata. Freshfields Bruckhaus Deringer M&A partner Jochen Ellrott and restructuring partner Lars Westpfahl in Hamburg also advised Takata. Nagashima Ohno & Tsunematsu also served as counsel to Takata.
Following the deal’s closing, Key Safety Systems will rebrand as Joyson Safety Systems and be based in Auburn Hills, Michigan. The company said in a statement that the deal has received antitrust clearance and bankruptcy court approvals. Shanghai-listed Joyson Electronic bought Key Safety Systems, a key rival of Takata, in 2016 for $920 million.