Update | Chinese smart-TV maker LeEco buys US peer Vizio

Chinese technology giant LeEco has acquired US television manufacturer Vizio in a US$2 billion deal as it looks to expand its white goods business in the United States and become one of the top smart TV vendors globally.

The deal was announced on Tuesday in Los Angeles at an event jointly held by LeEco and Vizio. Winston Cheng, global head of corporate finance and development for LeEco, said at the event that the acquisition of Vizio is a “critical part of LeEco’s entry into the North American market”, as the company seeks international expansion outside of its home market in China.

Apart from providing online video content, LeEco also produces smart televisions, smartphones and has invested in developing an autonomous electric car with Los Angeles start-up Faraday Future.

Vizio is known as one of the market leaders for smart televisions in the US, with over 20 per cent market share for its televisions sets, according to market research firm Strategy Analytics.

The US company, which prides itself on selling quality televisions at affordable prices, sells over 8 million units annually, and has a total of over 17 million units of Vizio televisions installed in the US.