Jabil divests Mobility business to BYDE for $2.2B cash; expected close by Feb 29, 2024

JABIL INC

Cash consideration $2.2B; $440M deposit paid ($132M escrow, $308M to Jabil).
Mobility business (consumer electronics components) located in Chengdu and Wuxi, China.
Closing targeted within first two quarters of FY2024 (by Feb 29, 2024), subject to regulatory approvals.
BYDE financing via $2.15B loan facility from BYD Company Limited.
Jabil plans to use proceeds for share buybacks and investment in EV, renewable energy, healthcare, AI cloud data centers.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

JABIL INC entered into Purchase Agreement with BYD Electronic (International) Co. Ltd. valued at $2,200,000,000 (effective 2023-09-26).

Action: entry
Agreement: asset purchase
Counterparty: BYD Electronic (International) Co. Ltd.
Value: $2,200,000,000
Effective: 2023-09-26

Exact text from the filing

Jabil Inc. (the "Company" or "Jabil") announced on September 26, 2023 that, through its indirect subsidiary, Jabil Circuit (Singapore) Pte. Ltd., a Singapore private limited company ("Seller"), it has agreed to sell to BYD Electronic (International) Co. Ltd., a Hong Kong limited liability company ("Purchaser" or "BYDE"), its product manufacturing business in Chengdu, including its supporting component manufacturing in Wuxi (the "Business") for cash consideration of $2.2 billion, subject to certain customary purchase price adjustments.

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JABIL INC filing history →

Source: SEC EDGAR

accession 0001193125-23-243669

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