The iPhone Foxconn, a manufacturer of Foxconn Interconnect Technology. Later on Monday, the Foxconn Interconnect Technology giant bought Belkin, which also features Linksys and Wemo.
Foxconn's agreement to buy the US consumer electronics maker has set 866 as a sale price for millions of dollars, according with the Financial Times.
Foxconn said the merger would need approval from the Foreign Investment Commission of the USA. But the administration of President Donald Trump does not look favorably on US telecommunications-Chinas, so we can't talk about a complete agreement yet.
Foxconn said the acquisition of Belkin will allow it to better leverage its premium accessories and the smart home market. Belkin has more than 700 patents in its portfolio, including Linksys home routers, Belkin wireless accessories and Wemo smart home products.
"FIT is excited to acquire Belkin and its capabilities in the field of high quality consumer products," said Sidney Lu, CEO of FIT.
"Incorporating the best possibilities and Belkin solutions at FIT, we look forward to enriching our portfolio of premium consumer products and accelerating our penetration into the smart home.”
Belkin and its brands will operate as subsidiaries of FIT while Chet Pipkin, CEO and founder of Belkin International will join the management of FIT.
Belkin was founded in 1983 and is based in Los Angeles. It has more than 1.400 employees worldwide. Belkin completed Cisco's Linksys acquisition in March of 2013.
- Suitcase or Stingray: Finish the super cute with the upcoming 5G
- Apple or Google? Apple or Samsung? Read before you answer
