Jabil Enters Into Preliminary Agreement To Sell Mobility Business To BYD For About $2.2 Bln

(RTTNews) - Jabil Inc. (JBL) said it has entered into a preliminary agreement with BYD Electronic (International) Company Limited relating to the sale of its Mobility business in a potential transaction expected to be valued at about $2.2 billion.

As part of the deal, the companies have agreed to endeavor to enter into a definitive agreement.

If completed, the proceeds from the transaction will enable the company to enhance its shareholder-centric capital framework, including incremental share buybacks, Jabil said in a statement.

Additionally, the proceeds will provide opportunities for further investment in electric vehicles, renewable energy, healthcare, AI cloud data centers, and other end-markets, Jabil said.