Jabil to sell China manufacturing business in $2.2B deal (NYSE:JBL)

Jabil (NYSE:JBL) said Sunday that Chinese electric vehicle maker BYD Electronic (OTCPK:BYDIF) (OTCPK:BYDIY) agreed to acquire its mobility business in China for ~$2.2B.

Jabil (JBL), which makes printed circuit boards, established a unit this month with product manufacturing business in Chengdu and Wuxi, which will now be sold to BYDE.

Jabil (JBL) said the deal, if completed. would be the largest in its history and enable it to “enhance our shareholder-centric capital framework, including incremental share buybacks, [and] it will provide opportunities for further investment in electric vehicles, renewable energy, healthcare, AI cloud data centers, and other end-markets.”