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 US Foreign Investment Committee. But the government of President Donald Trump does not look good at US-China telecoms, so we can not even talk about a comprehensive deal.
Foxconn said that the acquisition of Belkin will enable it to better harness the premium accessories and the smart home market. Belkin has more than one 700 patent in its portfolio, including Linksys home routers, Belkin wireless accessories and Wemo's 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 Belkin's best capabilities and solutions at FIT, we expect to enrich the portfolio of high quality consumer products and accelerate our intrusion into the smart home."
Belkin and its brands will operate as affiliates of FIT while Chet Pipkin, Managing Director and founder of Belkin International, will participate in the FIT administration.
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.