China’s LeEco snaps up VIZIO for $2 billion
By Kimiya Manoochehri and Jefferson Graham
July 27, 2016
Chinese tech giant LeEco agreed to snap up California-based Vizio, a manufacturer of television sets, for $2 billion.
LeEco is best known for making smartphones and has ambitions to get involved in self-driving electric cars as well.
LeEco sees its acquisition of Vizio as a way to move into the U.S. market, part of its expansion around the globe. The Chinese company extended operations to India and Russia earlier this year. It says it is the world's largest Internet-TV access point, now with strong foundations in the two biggest tech markets: China and the U.S.
The companies say that the Vizio hardware and software businesses will operate as a wholly owned subsidiary of LeEco, while Vizio's data business, Inscape, will be spin out as a separate, privately owned company.
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