Vizio has dabbled in the smartphone industry a bit, but its main business is in televisions and home sound equipment. And a growing Chinese tech power, LeEco, wants in on that.

The company, known domestically as Letv, has bought the Irvine, California-based manufacturer for $2 billion. If the deal successfully closes (expected sometime in the fourth quarter), Vizio will operate as a subsidiary of LeEco.

With this transaction, Vizio will get global reach while LeEco continues its entrenchment in the United States. The brand will officially launch in September.

Source: PRNewswire

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