LeEco Acquires Vizio for $2 Billion
So who is LeEco? LeEco is a Chinese electronics tech firm with current interest and products in streaming entertainment, smartphones, Android-powered bikes, electric cars and televisions.
Now, LeEco has its sights set on the American TV manufacturer Vizio with its recent announcement to purchase the company for $2 billion. This acquisition is expected to be completed by the end of this year.
The key reasons for this purchase came in a statement from LeEco Chairman and CEO YT Jia which he said the acquisition “is an important step in our globalization strategy and building our North American presence”.
Under this new alliance, the Vizio brand name will remain in place and will be operated as an independent LeEco subsidiary, with the company’s current executive management team staying in place and working out of its offices in Irvine, California.
Vizio products will continue to be available as usual at your local retailer, and supported by their North American based customer service team.