BYD acquires Jabil's mobility business in China for $2.17B 🚗💰

Electric vehicle (EV) manufacturer BYD Co Ltd announced on Monday that it will acquire Jabil Inc's mobility business in China for 15.8 billion yuan ($2.17 billion). This strategic acquisition will be made via its subsidiary, BYD Electronic (International) Co (BE).

Key highlights of the deal include:

• Expansion of BE's customer base and product portfolio 🚀: With this acquisition, BE can look forward to a wider customer base and a diversified range of products.

• Boost in Smartphone Component Business 📱: The acquisition will also strengthen BE's business in smartphone components, positioning it for potential growth within the sector.

• Acquisition of a newly formed business unit 🏢: Jabil Circuit (Singapore) had recently established a business unit with manufacturing in Chengdu and Wuxi. This unit will now become a part of BYD.

• Benefits for Jabil 💼: Once the deal is completed, Jabil plans to use it to enhance its shareholder-centric capital framework, which includes incremental share buybacks. CEO Kenny Wilson stated that the deal would allow Jabil to further invest in fields such as electric vehicles, renewable energy, healthcare, AI cloud data centers, and other end-markets.

The deal is set to redefine the landscape of the EV business in China and beyond.