BYD’s Controlled Subsidiary to Acquire Jabil’s Mobile Electronics Manufacturing Business
- Written by: Daily Bulletin
- Published in News from Asia
Expand Component Business for Consumer Electronics Enhance the Strategic Layout of Core Component Products
HONG KONG SAR - Media OutReach - 28 August 2023 - BYD Company Limited ("BYD" or the "Company", together with its subsidiaries known as the "Group"; stock code：002594（SZSE）, 01211（HKD counter）and 81211（RMB counter）announced today that its controlled subsidiary BYD Electronic (International) Company Limited (stock code: 285.HK) ("BYD Electronics") and Jabil Inc, one of the world's largest electronics manufacturing service and solution providers (the "Seller") signed an acquisition framework agreement, intending to acquire the Seller's mobile electronics manufacturing business for approximately RMB 15.8 billion (equivalent to US$2.2 billion) in cash, marking BYD Electronics' 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 Target Business of this acquisition is the Seller's product manufacturing business located in Chengdu and Wuxi, including the manufacturing of components for existing customers.
BYD Electronics is a global leading platform-based high-end manufacturing enterprise, engages in a wide variety of businesses ranging from smart phones, tablet PCs, new energy vehicles, smart home, game hardware, unmanned aerial vehicles, Internet of Things, robots, communication equipment, health devices to other diversified market areas.
Mr. 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 the BYD Electronics."
Mr. 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."
Hashtag: #BYD
The issuer is solely responsible for the content of this announcement.
Daily Bulletin
