BYD Electronic intends to acquire the mobile-electronics manufacturing business of NYSE-listed Jabil Inc. for nearly $2.2 billion in order to expand its smartphone component footprint. BYD Electronics' "expansion of the core supply chain for consumer electronics, thus further increasing its market share and consolidating its leading position in the industry," the companies said in a joint statement Monday.

Following the completion of the transaction, the target company will become a wholly-owned subsidiary of BYD Electronic, with its financial results being consolidated into the group's financial statements.

Product manufacturing businesses in Chengdu and Wuxi, as well as component manufacturing for existing customers, will be included in the transaction.

"The acquisition will also ensure long-term sustainable development while creating value for customers and shareholders," said BYD Electronic CEO Wang Nianqiang.

BYD Electronic is a platform-based high-end manufacturing enterprise that produces smartphones, tablet PCs, new-energy vehicles, and unmanned aerial vehicles.

Jabil (JBL) provides design engineering, manufacturing, and supply chain services to the electronics and consumer industries.