US FTC seeks additional information on Walmart and Vizio's $2.3 bln deal (updated)

Vizio Holding

30/04/2024 11:45

(Rewrites throughout to add details and background)
       April 30 (Reuters) - The U.S. Federal Trade Commission
has asked for more information from Vizio  VZIO.N  and Walmart
 WMT.N  regarding their proposed $2.3 billion deal, the smart-TV
maker said on Tuesday.
    U.S. lawmakers have sought for an increased scrutiny from
the FTC on many multi-billion dollar deals that might risk
higher prices and affect consumers.
    Several deals including that of supermarket chain Kroger
 KR.N  and its smaller rival Albertsons  ACI.N , as well as
Coach parent Tapestry  TPR.N  and Michael Kors owner Capri
 CPRI.N  have come under the FTC's radar as it looks to
encourage fair, open and competitive markets.
    Walmart had proposed to buy Vizio for $11.50 per share in
cash in February, in another bet on the retailer's fast-growing
U.S. advertising business, Walmart Connect, and gaining access
to Vizio's SmartCast operating system, which streams
ad-supported content on its devices.
    The big-box retailer had said in March it had notified two
U.S. antitrust agencies it would withdraw and refile a certain
review application for its planned acquisition of Vizio, to give
the regulators more time to review the deal.
    Vizio said on Tuesday both the companies expect to "promptly
respond" to the FTC's request, while work "cooperatively" with
the regulator as it conducts their review of the deal.
    

 (Reporting by Granth Vanaik in Bengaluru; Editing by Shilpi
Majumdar)
 ((Granth.Vanaik@thomsonreuters.com | X : https://twitter.com/Vanaik_Granth;))