China's Le Holdings -- also known as LeEco -- has said it will buy US consumer electronics company Vizio for 2 billion US dollars.

Vizio, which filed for an initial public offering last year, generated sales of 1.3 billion dollars in the first six months of 2015. Founded in 2002, it is now one of the largest manufacturers of television sets in the United States. The transaction is expected to close during the fourth quarter.