BYD Electronics inks agreement to acquire Jabil Inc.’s electronics manufacturing business

Shanghai (Gasgoo)- BYD Company Limited ("BYD") announced that its non-wholly owned subsidiary, BYD Electronic (International) Company Limited ("BYD Electronics"), signed a formal share acquisition agreement on September 26 with Jabil Circuit (Singapore) Pte. Ltd., a subsidiary of Jabil Inc.

Photo credit: BYD Electronics

Under the agreement, BYD Electronics intends to acquire from Jabil Inc. the latter's mobility business that manufactures components for consumer electronics products and is mainly located in Chengdu and Wuxi cities for approximately 15.8 billion yuan in cash. The seller has established a new legal entity, Juno Newco Target Holdco Singapore Pte. Ltd. ("Juno Newco", or "the Target Company"), in Singapore and plans to reorganize the target business into the Target Company. The acquisition will be primarily accomplished through the purchase of 100% equity interest in the Target Company and its assets in Singapore.

BYD said it believes that the acquisition will broaden BYD Electronics' client base and diversify its product portfolio, expand the business of smartphone components, significantly improve BYD Electronics' customer and product structure, further capitalize on market development opportunities, enhance the strategic layout of core component products, propel the industrial upgrading of BYD Electronics, and mark the beginning of a new cycle of rapid growth.

BYD Electronics is a platform-based high-end manufacturing enterprise with a diversified presence in markets including smartphones, tablets, new energy vehicles, smart homes, gaming hardware, drones, IoT, robots, communication equipment, medical and healthcare devices, among others.

Listed on the New York Stock Exchange and headquartered in Florida, Jabil Inc. is a manufacturing solutions provider with over 250,000 employees across 100 locations in 30 countries. Its principal business includes design engineering, manufacturing and supply chain services for the EMS (Electronics Manufacturing Services) and consumer industries; and materials technology services (plastics, metals, automation and tooling). Notably, Jabil is a key member of the "Apple supply chain," responsible for the assembly of some Apple products, including iPhone, iPad, and AirPods.