VIZIO and its SmartCast Operating System are now the property of one of North America’s biggest brick-and-mortar and online retailers, as the transaction has closed following the expiration of the waiting period under federal regulations.
Walmart’s acquisition of VIZIO and its SmartCast Operating System allows the retail giant to serve its customers in new ways, it says. “It will also bring to market new and differentiated ways for advertisers to meaningfully connect with customers at scale and boost product discovery, helping brands achieve greater impact from their advertising investments with Walmart Connect, the company’s retail media business in the U.S.,” Walmart added.
Walmart U.S. EVP/Chief Growth Officer Seth Dallaire commented, “VIZIO has also expertly changed their business over time, like building and quickly scaling a profitable advertising business. Pairing it with Walmart Connect will be impactful and allow us to invest in our business even further on behalf of our customers.”
Walmart agreed to purchase VIZIO and its SmartCast OS for $11.50 per share in cash, equating to $2.3 billion in total value. An announcement first came from Walmart on February 20 regarding the purchase. VIZIO was founded in 2002.
Walmart Connect, the retailer’s closed-loop, omnichannel retail media business in the U.S., is designed to offer Walmart suppliers and sellers “attractive opportunities to reach their desired customers no matter where, how and when they shop.”
Walmart and VIZIO will continue to operate separately for the foreseeable future, with CEO William Wang now reporting to Dallaire.
As a result of the completion of the transaction, VIZIO’s Class A common stock will no longer be listed for trading on the NYSE, which took effect as of the close of market Tuesday.
VIZIO’s business will be reported as part of the Walmart U.S. segment going forward.
