Skadden, Arps, Slate, Meagher & Flom has advised China's Le Holdings, also known as LeEco, on its agreement to buy U.S. consumer electronics company Vizio for $2 billion. The seller is represented by Latham & Watkins.

Irvine, California-based Vizio makes affordable flat screen televisions, soundbars and LCD monitors. Founded in 2002, the company is now one of the largest manufacturers of TV sets in the United States.

Vizio's hardware and software units will be operated as a wholly owned subsidiary of LeEco. The company's Inscape TV viewership data business will be spun out as a privately owned company, LeEco said.

Founded in 2004, LeEco started selling smartphones in China in April last year. Earlier this year, the company unveiled an all-electric battery concept car.

The Skadden team working on the transaction included partners Julie Gao, Michael Gisser, Michael Mies, Will Cai, Stuart Levi, Karen Corman, David Kitchen, Sean Shimamoto, Ivan Schlager, and Ken Schwartz. The Latham team was led by Orange County partners Scott Shean and David Lee.