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LeEco announces it's buying Vizio for $2 billionChinese company will acquire large US market share for televisions.
But today, I'm truly pleased to announce that we have that have come to a definitive agreement that LeEco, the company LeEco will acquire Vizio as a wholly owned subsidiary. [BLANK_AUDIO] [APPLAUSE] LeEco will acquire 100% of Vizio for 2 billion US dollars. The transaction is expected to close within six months. We're subject to regulatory approval. As part of the transaction, LeEco will own 100% of Vizio which includes display and audio systems and the NGUI software business. LeEco will enter into a partnership with William into the Inscape business which we will own 49% and William will own 51% and we'll be operating that business. On a going forward basis. The new employee option pools will be created to retain current and to attract future employees. The transaction will have a three year earn out, with revenue and profit thresholds with potential additional payment of $250 million for a potential total consideration of $2.25 billion U.S. The plan is to retain all current employees of Vizo, and we will enter into a ten year licensing agreement with Inscape.