BYD Electronic to buy Jabil's China manufacturing subsidiary for nearly $2.2 billion
By P.R. Venkat
BYD Electronic plans to buy NYSE-listed Jabil Inc.'s mobile-electronics manufacturing business for nearly $2.2 billion to expand its smartphone components footprint.
The acquisition will mark BYD Electronic's "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 companies said in a joint statement Monday.
After the deal is completed, the target company will become a wholly-owned subsidiary of BYD Electronic, and its financial results will be consolidated into the group's financial statements.
Product-manufacturing businesses located in Chengdu and Wuxi, including components manufacturing for existing customers, will be part of the deal.
"The acquisition will also ensure long-term sustainable development while creating value for customers and shareholders," said Wang Nianqiang, chief executive of BYD Electronic.
BYD Electronic is a platform-based high-end manufacturing enterprise with businesses ranging from smartphones, tablet PCs, new-energy and unmanned aerial vehicles.
Jabil (JBL) is engaged in design engineering, manufacturing, and supply chain services for the electronics manufacturing services and consumer industries.
-
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
08-27-23 2119ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations