LeEco announces $2 Billion takeover of Vizio
In the latest round of company acquisitions, China's LeEco (formerly LeTV) announced that they will be acquiring California based Vizio for $2 Billion and the deal is expected to close by the end of 2016. Following the acquisition, Vizio will continue to operate as usual and will be regarded as a subsidiary of LeEco. Additionally, Vizio's Inscape data service will be spinned-off as a separate company under LeEco and Vizio's CEO and founder William Wang will be leading the new company.
In case you are unfamiliar with both LeEco and Vizio, they are basically two companies in the same field. LeEco is one of the biggest video streaming companies in China and they also make a number of electronic devices like smartphones, bicycles, electric cars, etc. Vizio in the other hand is mostly known for it's TV sets. Both companies have previously only had presence in both China and the US respectively but this acquisition hopes to expand LeEco's market into the United States.
ORIGINAL SOURCE: VIZIO