Vizio acquired by LeEco, a Chinese electronics giant for $2 billion

Vizio acquired for $2 billion, with Chinese electronics giant LeEco letting Vizio continue its day-to-day operations.

@anthony256
Published Wed, Jul 27 2016 3:36 PM CDT   |   Updated Tue, Nov 3 2020 11:59 AM CST

Vizio has made a name for itself as budget TV maker in the US, with the company getting acquired by Chinese electronics maker LeEvo in a deal worth $2 billion.

Vizio acquired by LeEco, a Chinese electronics giant for $2 billion | TweakTown.com

The US-based budget TV maker will continue its day-to-day operations in California, where Vizio will now act as a subsidiary of LeEco. Vizio founder and CEO William Wang will be leaving the company in a way, with Vizio's data business, Inscape, being spun off into a privately held company where LeEco will hold 49% ownership.

Wang will act as chairman and CEO of Inscape where he will hold a controlling 51% stake. During the press event, Wang said he had mixed feelings regarding the deal, and as the owner and CEO of Vizio, he was reluctant to let it go. But, he said the acquisition deal was the best decision for Vizio's hard-working staff and loyal shareholders.

We should expect the deal to close in Q4 of this year, pending regulatory approval.

NEWS SOURCE:techspot.com

Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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