Walmart to buy smart TV maker Vizio in $2.3bn deal

Walmart said on Tuesday that it has agreed to buy Vizio in a $2.3bn deal.

Under the terms of the acquisition, Walmart will pay $11.50 per share in cash for the smart TV maker.

Walmart said the acquisition of Vizio and its SmartCast Operating System (OS) would enable it to connect with and serve its customers in new ways "including innovative television and in-home entertainment and media experiences".

Seth Dallaire, executive vice president and chief revenue officer of Walmart US, said: "There is a lot to be excited about with this acquisition.

"We believe Vizio’s customer-centric operating system provides great viewing experiences at attractive price points. We also believe it enables a profitable advertising business that is rapidly scaling. Our media business, Walmart Connect, is helping brands create meaningful connections with the millions of customers who shop with us each week. We believe the combination of these two businesses would be impactful as we redefine the intersection of retail and entertainment."

California-based Vizio was founded in 2002. In recent years, the company’s device ecosystem and SmartCast have amassed over 18m active accounts, growing around 400% since 2018.