LEECO Global Ltd. has agreed to acquire U.S. consumer electronics company Vizio Inc. for US$2 billion as the Chinese technology conglomerate expands further in the United States.

    Irvine, California-based Vizio makes affordable flat screen televisions, soundbars and LCD monitors. Founded in 2002, the company is now one of the largest manufacturers of TV sets in the United States. Vizio, which filed for an initial public offering last year, generated sales of US$1.3 billion in the first six months of 2015, according to its IPO documents.

    LeEco, affiliated with Shenzhen-listed Leshi Internet Information & Technology Corp., will acquire all of Vizio’s hardware and software operations, technology and intellectual property, according to a company statement yesterday.

    Billionaire chairman and founder Jia Yueting has sprawling ambitions for LeEco, positioning it as the Netflix, Apple and Tesla of China. In addition to the online video business, LeEco has made inroads into smartphones, TVs, virtual reality headsets and electric vehicles.

    LeEco has been expanding outside China already. Earlier this year, it established an 80,000-square-foot North American headquarters in San Jose, California. (SD-Agencies)