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OC Register: Vizio’s $2 billion acqusition by LeEco falls through


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LeEco’s proposed $2 billion acquisition of Irvine-based Vizio has fallen through, the companies said Monday, citing “regulatory headwinds.”

Instead, LeEco and Vizio will work together to bring Vizio products to China.

“We continue to believe that there is great synergy between the two companies,” the joint statement said.

LeEco is a holding group for businesses controlled by billionaire Jia Yueting that span electric cars and media to smartphones and TVs. It had announced the agreement to acquire Vizio last July. The deal was intended to create a foundation for branding and acquiring U.S. customers. Bloomberg News reported earlier this month the proposed deal was being held up by tighter controls on Chinese currency outflows.

Vizio, founded by William Wang as V Inc. in 2002, had been planning an initial public offering in 2015. The company is known for its low retail prices on televisions and has entered other areas of consumer electronics such as computers, smartphones and tablets.

The companies said they were looking for ways to bring Vizio’s products to the China market and integrate LeEco’s app and content into Vizio’s platform.

Last year LeEco grew its presence in the U.S. and established its North American headquarters in San Jose in an 80,000-square-foot facility that can hold 800 employees.

Bloomberg contributed to this report.

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