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Acquisition   Key Safety Systems

Takata says $1.6 billion KSS deal to be signed in within two weeks

TakataKey Safety Systems (KSS) has agreed to terms on the $1.6 billion purchase of assets of Takata and final documents will be signed in less than two weeks.

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Takata and its U.S. unit, TK Holdings, filed for bankruptcy in June and the asset sale to Key Safety Systems, or KSS, is the cornerstone of its plan to raise funds to compensate automakers and drivers.

Marcia Goldstein, a lawyer for TK Holdings, told a U.S. bankruptcy judge that a U.S. deal had been reached and was being reviewed by lawyers in Japan, Germany and elsewhere.

“The documentation is fully negotiated, subject only to what all the lawyers agree is clean up,” said Goldstein, an attorney with the Weil, Gotshal & Manges law firm.

The sale must be approved by the U.S. Bankruptcy Court in Delaware, as well as regulators.

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