LeEco axes acquisition of Vizio
Print Edition
LEECO has abandoned its US$2 billion acquisition of US-based TV maker Vizio, a deal which is expected to help the Chinese firm out of a cash crunch.
LeEco, whose business ranges from online video, smartphones, TVs to electric vehicles, has faced financial troubles due to its aggressive expansion at a “too rapid” pace, its founder and Chairman Jia Yueting said yesterday.
LeEco confirmed the acquisition of Vizio, the No. 2 TV vendor in the US market, was off but it declined to provide further details yesterday. The Vizio acquisition, announced in July, marked LeEco’s overseas expansion.
Also yesterday, its Shenzhen-listed subsidiary Leshi posted nearly flat first-quarter net profit compared with a year ago.
The company’s estimated first-quarter profit was 103-132 million yuan, compared with 109 million yuan a year earlier, Leshi said in a statement.
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