BYD Electronic Plans to Buy Jabil Unit for Nearly $2.2 Billion -- Update
28 August 2023 - 11:27AM
Dow Jones News
By P.R. Venkat
BYD Electronic plans to buy NYSE-listed Jabil Inc.'s
mobile-electronics manufacturing business for nearly $2.2 billion
to expand its smartphone components footprint.
The acquisition will mark BYD Electronic's "expansion of the
core supply chain for consumer electronics, and thus further
increasing its market share and consolidating its leading position
in the industry," the companies said in a joint statement
Monday.
After the deal is completed, the target company will become a
wholly-owned subsidiary of BYD Electronic, and its financial
results will be consolidated into the group's financial
statements.
Product-manufacturing businesses located in Chengdu and Wuxi,
including components manufacturing for existing customers, will be
part of the deal.
"The acquisition will also ensure long-term sustainable
development while creating value for customers and shareholders,"
said Wang Nianqiang, chief executive of BYD Electronic.
BYD Electronic is a platform-based high-end manufacturing
enterprise with businesses ranging from smartphones, tablet PCs,
new-energy and unmanned aerial vehicles.
Jabil is engaged in design engineering, manufacturing, and
supply chain services for the electronics manufacturing services
and consumer industries.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
August 27, 2023 21:12 ET (01:12 GMT)
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