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Jabil Completes the Divestiture of Mobility Business
December 29, 2023 | BUSINESS WIREEstimated reading time: 1 minute
Jabil Inc. announced the closing of the transaction to divest its Mobility business to BYD Electronic (International) Company Limited (BYDE) in a cash transaction valued at $2.2 billion. The company previously announced the signing of a definitive agreement for the transaction on September 26, 2023.
“We are pleased to successfully close this transformational deal and I am confident that this is the right step forward for Jabil,” said CEO Kenny Wilson. “The net proceeds will enable us to enhance our shareholder-centric capital framework, including incremental share buybacks. Additionally, it will provide opportunities for further investment in key areas of our business.”
Q2 Fiscal Year 2024 Outlook:
As stated, for modeling purposes, the second quarter guidance provided by the Company on December 14, 2023, assumed a January 31, 2024, close date for the mobility divestiture. With the transaction closing earlier, Jabil now anticipates the midpoint of the prior guidance range for net revenue and core earnings per share for the second quarter to be lower by approximately $400 million and $0.30, respectively, which aligns with the expectations the company outlined on its first quarter earnings call.
Fiscal Year 2024 Outlook:
“I am delighted to close the transaction and receive the net proceeds ahead of schedule,” said CFO Mike Dastoor. “The earlier close and receipt of funds will enable us to begin initiating plans to reduce stranded costs and executing a series of accelerated buybacks throughout FY24. As a result, we expect to fully utilize our current $2.5 billion dollar repurchase authorization this fiscal year. These actions give me confidence that we will be able to offset lower income in Q2 and deliver core earnings for FY24 in excess of $9 per diluted share.”
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