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BYD Co. Ltd. is buying the electronics parts business of Jabil Inc., an American electronics manufacturing services company. The Chinese new energy vehicle (NEV) maker said on Monday, Aug. 28, that its holding unit signed an acquisition framework agreement with the Singapore-based unit of Jabil.
BYD said that it is acquiring Jabil's electronics manufacturing business for $2.2 billion or about C¥15.8 billion. The facilities included in the buyout contract are located in the Chinese cities of Wuxi and Chengdu.
According to Xinhua, the proposed purchase will mainly include the production business and existing customers of Jabil Circuit Pte. Ltd., the American firm's Singaporean subsidiary. The acquisition will mark BYD's electronics division's entrance into the core consumer electronics supply chain.
BYD said that this expansion is expected to further raise its market share while bringing together its leading position in the sector as well. Moreover, Reuters reported that the deal will not only boost BYD Electronic's customer base, but it will also expand its product portfolio.
"This acquisition will expand the business of smartphone components and mark the beginning of a new cycle of rapid growth," BYD Electronics' chief executive officer, Wang Nianqiang, said in a press release. "The Acquisition will also ensure long-term sustainable development while creating value for customers and shareholders of BYD Electronics."
Jabil's CEO, Kenny Wilson, also stated, "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."
Meanwhile, the shares of Jabil Inc. reportedly increased by six percent to $109.50 in early trading. On the other hand, the shares of BYD Electronic dropped by as much as nine percent in Hong Kong, but its losses were reversed and later closed flat.
