Jabil Completes Sale Of Aftermarket Services Business

(RTTNews) - Contract electronics manufacturer Jabil Circuit, Inc. (JBL) said Tuesday that it has completed the sale of its aftermarket services business to iQor Holdings, Inc. for $725 million subject to certain customary closing adjustments and other items.

Certain regulatory approvals are still pending in connection with the sale of the Malaysian operations, which resulted in $20 million being held in escrow until the closing of the Malaysian operations.

The deal was originally announced in December 2013.

Of the $725 million purchase price, $675 million is cash and $50 million is senior nonconvertible preferred stock of iQor that accretes dividends at an annual rate of 8%t and is redeemable in nine years or upon a change in control.