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Electric vehicle maker BYD Co Ltd said on Monday its unit struck a deal with US-based manufacturing firm Jabil Inc’s Singaporean division to buy its mobility business in China for 15.8 billion yuan ($2.17 billion).

The deal will expand BYD Electronic (International) Co’s (BE) customer base, product portfolio, and its business of smartphone components, and boost its growth as it looks to capture the potential growth in the sector.

Jabil Circuit (Singapore), which manufactures printed circuit boards, established a unit this month with product manufacturing business in Chengdu and Wuxi, which will now be sold to the Chinese EV maker.

“While improving BE’s market share of products, the acquisition will effectively synergize with BE’s existing products, enhance the overall competitiveness, ensure long-term sustainable development,” BYD said in an exchange filing, without divulging any further details about the acquisition.

China’s BYD announces new Fang Cheng Bao brand of energy vehicles

Jabil in a statement said if the deal is completed, the definitive agreement would enable it to “enhance our shareholder-centric capital framework, including incremental share buybacks”, Chief Executive Officer Kenny Wilson said.

The deal will allow Jabil to further invest in “electric vehicles, renewable energy, healthcare, AI cloud data centers, and other end-markets,” Wilson added.

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