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BYD unit buys US firm Jabil's China mobility business for $2.2 billion

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Chinese automaker BYD said on Monday its electronics unit has struck a deal with US-based manufacturer Jabil Inc to buy its mobility business in China for 15.8 billion yuan ($2.2 billion).

The deal will expand BYD Electronic’s customer base, product portfolio and its smartphone components business as it looks to capture Jabil’s potential growth in the sector. Jabil Circuit, which is based in Singapore and manufactures printed circuit boards, established a unit this month with product manufacturing business in Chengdu and Wuxi, which will now be sold to the Chinese group. Shares in BYD Electronic fell as much as 9% in Hong Kong on Monday but reversed losses and were up 1.

“For BYD, I think it’s a reminder that they do more than just dominate in EVs,” said Tu Le, founder of Sino Auto Insights, adding that they were higher up in the mobile supply chain and were a supplier. “While improving BE’s market share of products, the acquisition will effectively synergize with BE’s existing products, enhance the overall competitiveness, ensure long-term sustainable development,” BYD said in an exchange filing, without divulging any further details about the acquisition.

 

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