BYD through its subsidiary BYD Electronic (International) Company has acquired the Chinese business of US-based Jabil, one of the world’s largest electronics manufacturing service and solution providers for $2.2 billion (Rs 18,143 crore) in cash.
The company will acquire the 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 (IoT), robots, communication equipment, health devices to other diversified market areas.
Wang Nianqiang, CEO, 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.”
Kenny Wilson, CEO, 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.”