Chinese tech firm LeEco agrees to buy Vizio TV maker

Vizio TVs are among CNET’s most-recommended models.

Wang started the company nearly 14 years ago and in the decade and a half period, managed to make it into a multi billion enterprise by selling Televisions at a slightly lesser price than competitions.

Under the terms of the deal, Vizio’s hardware and software businesses will be owned and operated as a wholly owned subsidiary of LeEco, while the Vizio’s data business, Inscape, will spin out, the companies said in a statement.

Tuesday Vizio, which had submitted togo public this past year, might continue being located in Irvine, Calif., and work by present administration like a part, LeEco said. The company already has 730 million monthly active users (MAUs), according to The Variety’s report.

About LeEcoLeEco is a leading global technology company that provides breakthrough experiences through its open, integrated ecosystem of streaming content, platforms, and smart devices that fit perfectly into a broad spectrum of lifestyles.

Winston Cheng, LeEco’s global head of corporate finance and development, said the acquisition will give the company access to over 28 million connected TVs installed worldwide.

LeEco has been aggressively pushing to expand into the U.S.in recent months.

The acquisition of Vizio could help to further fuel those efforts, including any attempts to go retail.

If you’ve never heard of LeEco, now is a good time to become familiar with it.

In April, LeEco announced plans for a North American headquarters in San Jose, California, dedicating a facility that can support as many as 800 employees, and which will be the home for its autonomous driving research center.

The announcement came at an event held today in Los Angeles where William Wang, Founder, CEO, and Chairman of Vizio, delivered a surprisingly emotional address.

The transaction, expected to close in the fourth quarter, could face regulatory hurdles here-an increasing trend on deals with China-based buyers.