Jabil signs deal to sell mobility business for $2.2B
September 28, 2023 - St. Petersburg-based tech giant Jabil Inc. has signed the definitive agreement to divest its mobility business in China to BYD Electronic in a cash transaction valued at $2.2 billion, according to a Sept. 27 announcement. Per the agreement, the mobility business, which manufactures components for consumer electronics, will transfer to BYDE. "Upon closing, Jabil will be well positioned to enhance its shareholder-centric capital framework, including incremental share buybacks. Additionally, it will provide opportunities for further investment in electric vehicles, renewable energy, health care, AI [artificial intelligence] cloud data centers, and other end-markets,” Jabil CEO Kenny Wilson said in a prepared statement. The transaction is scheduled to close early next year.