bpv Grigorescu Stefanica advised the Chinese company Ningbo Joyson Electronic Corporation (Joyson Electronics) in a transaction valued at $920 million, by which the company acquired Key Safety Systems. This is one of the largest transactions in the automotive sector of the early 2016.
Joyson Electronics, one of the world’s leading suppliers of automotive components, has signed the agreement for the acquisition of the auto supplier Key Safety Systems. Key Safety Systems, a US manufacturer of security systems for the automotive industry, such as airbags, steering wheels, seat belts, is operating in 32 locations around the world, including Romania, where it is present with facilities in Arad and Hunedoara. It is predicted that the transaction will result in a company with annual sales of $3 billion employing approximately 20,000 people.
In Romania, Joyson Electronics was assisted by a team of lawyers led by Anca Albulescu, Partner bpv Grigorescu Stefanica, comprising of Nicolae Ursu (Managing Associate), Cristina Randjak (Managing Associate) and Sonia Vigdorovits (Associate). The team has conducted a legal due diligence exercise in relation to all corporate, commercial, real-estate and employment aspects and advised on various aspects of the transaction alongside the international counsel, Gibson Dunn. The transaction is subject to regulatory filings, approvals and other customary closing conditions.
It is the second time in which bpv Grigorescu Stefanica provides the necessary legal services for Joyson Electronics’ transactions in Romania. In 2014, the law firm assisted the Chinese company and its German subsidiary, Preh, in the acquisition of Quin, a German manufacturer of decorative elements for car interiors, which operates a factory in Brasov, Romania, with over 1,500 employees. Joyson Electronics is a global company listed on the Shanghai Stock Exchange.