VIDAA is chosen by Vestel as one of its strategic platforms, with Vestel acquiring a 4.64% stake in company

Wed Sep 18 00:08:00 UTC 2024: ## Vestel Acquires Stake in VIDAA, Embracing the Connected Home Future

**ATLANTA, Sept. 18, 2024** – Turkish electronics giant Vestel announced today that it has partnered with VIDAA, the world’s fastest-growing Smart TV platform, by acquiring a 4.64% ownership stake. This strategic move signifies Vestel’s commitment to transitioning from a traditional appliance manufacturer to a leading provider of integrated home solutions, capitalizing on the booming smart home market.

Vestel’s entry into the Smart TV operating system space marks a key milestone in their global ambitions. By joining forces with VIDAA, Vestel gains access to a platform with over 30 million connected devices, allowing them to tap into the lucrative smart home market, estimated to reach over USD 120 billion this year. This partnership will not only generate recurring revenue for Vestel but also position them as a key player in the future of connected homes.

The acquisition also strengthens Vestel’s ties with Hisense, the parent company of VIDAA, which holds the second-largest global market share in TV sales. This collaboration will foster innovation in the connected device space and offer potential for future joint ventures.

“This partnership is in line with Vestel’s global vision,” said Ergün Güler, CEO of Vestel. “By partnering with VIDAA, we have taken a significant step towards our international goals.”

Guy Edri, CEO of VIDAA, expressed enthusiasm about Vestel joining the platform. “With Vestel joining VIDAA today it shows how open we are to bring in additional partners to join VIDAA. We are proud to have a reputable company like Vestel become a shareholder in our company and join Hisense on this great journey,” he said.

The transaction, valued at over USD 1 billion, will be finalized before the end of the year, making Vestel one of VIDAA’s leading strategic shareholders. This partnership is expected to fuel growth for both companies as they navigate the rapidly evolving landscape of connected home technology.

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