(Hong Kong) – BYD Company Limited (“BYD”, together with its subsidiaries known as the “Group”; stock code: 002594, 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 a formal agreement, agreeing to acquire the Seller’s mobile electronics manufacturing business at the consideration of 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 “We are thrilled to ink the formal agreement with Jabil. 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 “We are pleased to reach this definitive agreement with BYD Electronics and are confident that this transaction is the right step forward for the company, our people, and customers.”
Upon Completion, the Target Company which holds the Target Business will become a subsidiary of BYD Electronics and the financial results of the Target Company will be consolidated into the financial statements of BYD Electronics.