Walmart said it's going to acquire Vizio Holding Corp,Quaxs the makers of Vizio TV, for $2.3 billion, according to press release.

The retail giant announced the acquisition of Vizio and its SmartCast Operating System, OS, on Tuesday.

"There is a lot to be excited about with this acquisition,” said Seth Dallaire, Walmart's executive vice president and chief revenue officer, in a statement. “We believe Vizio’s customer-centric operating system provides great viewing experiences at attractive price points."

The press release states that Vizio's Board of Directors and stockholders approve of the transaction, but the company still has 45 days to back out of it. The termination is subject to the terms and conditions of the merger agreement.

More acquisitions and deals:Capital One is acquiring Discover: What to know about the $35 billion, all-stock deal

How much is the deal between Walmart and Vizio worth?

Walmart is paying $11.50 per share in cash, which equates to about a $2.3 billion merger, according to the statement.

The deal is not subject to any financing condition and Walmart says it will use "cash and/or debt" to acquire the company.

What is Vizio?

Vizio is an Orange County, California-based entertainment company that specializes in TVs and smart TVs.

"Our mission at Vizio Holding Corp. is to deliver immersive entertainment and compelling lifestyle enhancements that make our products the center of the connected home," Vizio said in the statement.

More about Walmart

The company employs around 2.1 million people around the world and sees around 255 million customers every week online and in person.

In its 2024 fiscal year, the company earned around $648 billion.

Julia is a trending reporter for USA TODAY. She has covered various topics, from local businesses and government in her hometown, Miami, to tech and pop culture. You can follow her on X, formerly known as Twitter, Instagram and TikTok: @juliamariegz.