08.29.23
Jabil Inc. announced a preliminary agreement with BYD Electronic (International) Company Limited (BYDE) relating to the sale of its Mobility business in a potential transaction expected to be valued at approximately $2.2 billion.
"This transformational deal would represent the largest transaction in the history of our company, and I am thrilled to be able to work with a reputable company like BYDE to drive this business successfully forward,” said CEO Kenny Wilson.
“If completed, the proceeds from this transaction will enable us to enhance our shareholder-centric capital framework, including incremental share buybacks. Additionally, it will provide opportunities for further investment in electric vehicles, renewable energy, healthcare, AI cloud data centers, and other end-markets," he added.
As part of the agreement, the parties have agreed to endeavor to enter into a definitive agreement. The divestiture will not be completed until the parties have completed due diligence and executed a definitive agreement and closed the transaction, which will be subject to the satisfaction of required regulatory approvals and other customary closing conditions.
"This transformational deal would represent the largest transaction in the history of our company, and I am thrilled to be able to work with a reputable company like BYDE to drive this business successfully forward,” said CEO Kenny Wilson.
“If completed, the proceeds from this transaction will enable us to enhance our shareholder-centric capital framework, including incremental share buybacks. Additionally, it will provide opportunities for further investment in electric vehicles, renewable energy, healthcare, AI cloud data centers, and other end-markets," he added.
As part of the agreement, the parties have agreed to endeavor to enter into a definitive agreement. The divestiture will not be completed until the parties have completed due diligence and executed a definitive agreement and closed the transaction, which will be subject to the satisfaction of required regulatory approvals and other customary closing conditions.