BYD Electronic Plans Acquisition Worth Nearly $2.2 Billion

By P.R. Venkat

BYD Electronic is planning to buy a company that could own a manufacturing business in the Chinese cities of Chengdu and Wuxi for nearly $2.2 billion to expand its smartphone components.

The company, Juno Newco Target Holdco Singapore, is a newly formed entity owned by Jabil Circuit (Singapore), which is a wholly-owned unit of NYSE-listed Jabil Inc., BYD Electronic said Monday.

After the deal is completed, the target company will become a wholly-owned subsidiary of BYD Electronic, and the financial results of the target company will be consolidated into the group's financial statements, BYD Electronic said.

Jabil Inc. 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 19:58 ET (23:58 GMT)

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