SAN JOSE -- Chinese smartphone maker LeEco will acquire Vizio for $2 billion, subject to shareholder and other regulatory approval.

The transaction is expected to close during the fourth quarter.

Following closing, Vizio's technology patents, intellectual property, hardware and software business will be owned and operated as a fully owned subsidiary of LeEco, while its data business, Inscape, will be spun off and operated as a separate, privately owned entity.

Vizio's executive management team will retain its position and operate independently from its existing headquarters in Irvine, CA. The Vizio brand and its portfolio of products will continue to be sold through its existing distribution channels and its customer service will also remain in place.

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