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LeEco buys electronics manufacturer VIZIO for $2B

Chinese smartphone maker LeEco has acquired US based consumer electronics manufacturer VIZIO for $2 billion. Post acquisition, VIZIO’s technology patents, intellectual property, hardware and software business will be owned and operated as a fully owned subsidiary of LeEco, while VIZIO’s data business ‘Inscape’ will be spun off and operated as a separate, privately owned entity. The transaction is expected to be closed during the fourth quarter of this year and is subjected to shareholders, and other regulatory approval. The VIZIO executive management team will retain its position and operate independently from its existing headquarters in Irvine, California.The VIZIO brand and its portfolio of products will continue to be sold through its existing distribution channels and its customer service will also remain in place. Founded in 2012, VIZIO manufactures branded consumer electronics products including Smart TVs, speakers, and a SmartCast app for casting or streaming content from smartphones and other devices onto VIZIO TV’s. Interestingly, LeEco also in into the business of manufacturing a range of smart LED TVs apart from smartphones, and even provides online streaming of music and live sports content as well. Recently in April, it unveiled a new range of Smart TVs, smartphones, and VR headset and an autonomous electric vehicle concept. However, all this is fully rolled out in China, US and Hong Kong, and LeEco had entered India this year with two smartphones launches, while providing live streaming of video content . In China, the firm claims to have a content library of more than…

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