Jabil Inc. JBL has inked a definitive agreement with China-based BYD Electronic (International) Company Limited to divest its Mobility business to focus more on core businesses. The cash deal, valued at $2.2 billion, is likely to be concluded within February 2024, subject to the mandatory regulatory approvals and fulfillment of other customary closing conditions. The divestment will enable Jabil to enhance its financial flexibility to reward its shareholders with risk-adjusted returns in the form of incremental share repurchases. In addition, it will facilitate the company to invest more in electric vehicles (EVs), renewable energy, healthcare, AI cloud data centers and other end markets to strengthen its position as one of the largest global suppliers of electronic manufacturing services. These factors probably appeased investors and contributed to the uptrend in the stock.