Jabil’s mobile electronics manufacturing business to be acquired by EV maker BYD for $2.2B
Electric vehicle manufacturer BYD Company, based in China, announced on Monday that its controlled subsidiary BYD Electronic (International) Company Ltd and Jabil Inc (the seller), one of the largest electronics manufacturing service and solution providers in the world, had signed an acquisition framework agreement with the intention of acquiring the seller’s mobile electronics manufacturing business for approximately RMB 15.8 billion (equivalent to $2.2 billion) in cash. This would mark BYD Electronics’ expansion into the global market.
According to a statement from BYD, the target of this acquisition is the seller’s product manufacturing business, which has locations in Chengdu and Wuxi and produces components for current clients.
BYD Electronics is a market-leading platform-based high-end manufacturing enterprise that operates in a wide range of industries, including those for smartphones, tablet PCs, new energy vehicles, smart homes, game hardware, unmanned aerial vehicles, the Internet of Things, robots, communication equipment, health devices, and other diversified market sectors.
Wang Nianqiang, CEO of BYD Electronics, said “This acquisition will expand the business of smartphone components and mark the beginning of a new cycle of rapid growth. The acquisition will also ensure long-term sustainable development while creating value for customers and shareholders of BYD Electronics.”
Kenny Wilson, CEO of Jabil, said “This transformational deal would represent the largest transaction in the history of our company, and I am thrilled to be able to work with a reputable company like BYD Electronics to drive this business successfully forward.”
According to its website, Jabil, a multinational manufacturing company with its headquarters in the US, employs more than 250,000 people across 100 locations in 30 different countries and serves 300 of the most well-known brands in the world across a variety of industries, including healthcare, packaging, smartphones, cloud computing, automotive, and home appliances.
