ST. PETERSBURG, FL – Jabil and BYD Electronic have signed a definitive agreement that will see Jabil's mobility unit sold to BYDE for $2.2 billion.

The definitive agreement follows a preliminary agreement announced by the two companies on Aug. 27.

Under the agreement, Jabil’s mobility business, which manufactures components for consumer electronics, will transfer to BYDE. The business is mainly located in Chengdu and Wuxi, China.

"We are pleased to reach this definitive agreement with BYDE and are confident that this transaction is the right step forward for the company, our people, and customers," said Jabil CEO Kenny Wilson. "Upon closing, Jabil will be well positioned to enhance its shareholder-centric capital framework, including incremental share buybacks. Additionally, it will provide opportunities for further investment in electric vehicles, renewable energy, healthcare, AI cloud data centers, and other end-markets."

Jabil said it expects the transaction to close within the first two quarters of its fiscal year, which began on Sept. 1, and the deal is subject to closing conditions, including required regulatory approvals.

• Prev
• Next