Wednesday, 27 July 2016

Chinese tech giant LeEco to acquire TV maker Vizio for $2 billion

Chinese tech giant LeEco (formerly LeTV) accounced that it's acquiring U.S based TV manufacturer Vizio for $2 billion, a deal that will cement it's postion in U.S and global market.

Vizio's hardware and software busness will be entirely owned and operated as a subsidary of LeEco. However, Vizio's data business, which runs under Inscape, will spin off and operate as a separate, privately owned company.

William Wang, founder of Vizio will step down as CEO of the company and will take charge of Inscape for the time being. LeEco will own 49 percent of Inscape, with Wang owning the remaining 51 percent.

Vizio's existing management team will continue to run the company as an  independent subsidiary from its existing headquarters in Calafornia, with its portfolio of product being sold through existing distribution channels

The deal is expected to close during fourth quarter of 2016, and is subject to customary closing conditions.

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