Walmart to Refile Forms About Proposed Vizio Acquisition Friday

Walmart expects to refile forms about its planned acquisition of smart television maker Vizio Friday (March 29).

The retailer withdrew its previous Hart-Scott-Rodino (HSR) notification and report for the merger Wednesday (March 27) after informal discussions with the Federal Trade Commission (FTC) and the Department of Justice (DOJ), Vizio said in a Wednesday (March 27) filing with the Securities and Exchange Commission (SEC).

Walmart withdrew its report “in order to give the antitrust agencies additional time to review the proposed transaction,” Vizio said in the filing.

The retailer and Vizio initially filed their forms on Feb. 26, according to the filing. With Walmart havingwithdrawn its forms and now planning to refile them on Friday, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act will now expire on April 29.

The Hart-Scott-Rodino Act requires parties to certain proposed large mergers and acquisitions to notify the FTC and the DOJ about the proposed transaction before it occurs via an HSR Form. They may not close their deal until the waiting period has passed or the government terminates the waiting period, according to the FTC.

The FTC is expected to be the regulator that reviews Walmart’s proposed acquisition, Seeking Alpha reported Thursday (March 28), citing traders.

Seeking Alpha added that Vizio’s stock dipped 0.9% after the SEC filing and the publication of a Dealreporter opinion piece that compared Walmart’s proposed deal to Amazon’s failed attempt to buy iRobot. That attempt was ended because of fears that regulators would block it.

Walmart announced its intention to acquire Vizio for $2.3 billion on Feb. 20, saying the deal would enable the retailer to enhance its media business, Walmart Connect, by combining Vizio’s SmartCast Operating System with Walmart’s reach and capabilities.

Vizio has more than 18 million active accounts and a growing advertising business. Walmart Connect has experienced 30% growth in fiscal year 2024.

It was reported on March 4 that 19 advocacy organizations focused on privacy and antitrust issues sent a letter to the FTC and the DOJ, calling for rigorous regulatory scrutiny of the proposed acquisition. The groups expressed concerns about market concentration, data hoarding and consumer privacy.