By Kate Yuan

(JW Insights) Sep 27 -- BYD Electronics, the subsidiary of China’s EV giant BYD, has entered into a formal agreement with Jabil Circuit (Singapore), a subsidiary of Jabil, to acquire its mobile electronics manufacturing business for RMB15.8 billion ($2.2 billion), BYD announced on September 27.

Jabil's mobile electronics manufacturing business of Jabil produces consumer electronics components in western China's Chengdu and eastern China's Wuxi. The business will be transferred to the Juno Newco Target, a new legal entity established by Jabil in Singapore. BYD Electronics will acquire 100% of its equity interest and Singapore assets.

Singapore-based Jabil Circuit specializes in the manufacturing of consumer electronic components, including disk drives such as CD-ROM drives, DVD-ROM drives, solid-state drives, and storage subsystems.

Founded in 1995, Shenzhen-based BYD Electronics was listed on the Hong Kong Hong Kong Stock Exchange in 2007. On August 26, 2023, BYD approved a proposal for BYD Electronics to sign the acquisition framework agreement.

BYD Electronics focuses on high-end manufacturing in a diversified sectors, including smartphones, tablets, new energy vehicles, smart homes, gaming hardware, drones, IoT, robotics, communication devices, and medical and health equipment.

This acquisition aims to expand the customer and product portfolio of BYD Electronics, particularly in the smartphone component business, according to BYD.