Walmart (NYSE:WMT) stock is a hot topic on Tuesday after the retail giant announced plans to acquire smart TV maker Vizio (NYSE:VZIO) in a $2.3 billion deal.
That acquisition agreement has Walmart paying $11.50 per share in cash for VZIO stock shares. That represents a roughly 20.7% premium over the closing price for VZIO stock on Friday.
Walmart is majorly interested in Vizio’s SmartCast Operating System with this acquisition. The company says this will help expand the reach of media platform Walmart Connect to consumers while also providing advertisers with new ways to engage with customers.
Seth Dallaire, Executive Vice President and Chief Revenue Officer of Walmart U.S., said the following about the deal:
“We believe VIZIO’s customer-centric operating system provides great viewing experiences at attractive price points. We also believe it enables a profitable advertising business that is rapidly scaling. Our media business, Walmart Connect, is helping brands create meaningful connections with the millions of customers who shop with us each week.”
WMT Stock Jumps on Earnings
Walmart announced the Vizio deal at the same time that it reported earnings for the fourth quarter of 2023. The company beat out estimates with e-commerce revenue coming in above $100 billion. That represented a 23% increase year-over-year (YOY).
WMT stock is up 5.2% as of Tuesday morning with 3.6 million shares changing hands. Its daily average trading volume is about 7.3 million shares.
There are more stock market stories that traders will want to read about below!
We have all of the hottest stock market news investors need to know about on Tuesday! A few examples include a new price prediction for Super Micro Computer (NASDAQ:SMCI) stock, the latest news for Gaxos.AI (NASDAQ:GXAI) stock and more. You can read up on all of these matters at the following links!
More Tuesday Stock Market News
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
