- Colm McLoughlin receives the coveted Arabian Business Achievement Award
Chinese internet and technology conglomerate LeEco on Wednesday announced the acquisition of the hardware and software businesses of US TV company VIZIO Inc. for $2 billion to strengthen its presence in North America as part of its globalisation strategy.
According to the deal, the VIZIO hardware and software businesses will be owned and operated as a wholly-owned subsidiary of LeEco, while the VIZIO data business — Inscape — will operate as a separate, privately owned company, LeEco said in a statement.
“Acquiring VIZIO is an important step in our globalisation strategy and building our North American presence,” said Yueting Jia, Founder, Chairman and Chief Executive Officer, LeEco.
“From its inception, VIZIO introduced a disruptive business model that changed the industry and aligns with our vision of breaking boundaries to deliver consumer-focused products, software and services,” he added.
The acquisition benefits both companies with VIZIO offering LeEco a steady base of users and a brand that is both popular and successfully distributed throughout major North American retail channels, while LeEco provides VIZIO immediate global scale to bring its innovations to consumers worldwide.
Based in California and founded in 2002, VIZIO is a leading consumer electronics brand in North America. It is best known as a producer of affordable flat-screen televisions and sound bars.
“I’m excited to see how LeEco’s global reach and resources will elevate VIZIO as we continue to bring great technology, innovation and value to our consumers,” said William Wang, Founder, Chairman and Chief Executive Officer, VIZIO.