The company constructionto him iPhone Foxconn, owned by Foxconn Interconnect Technology. Late Monday, Foxconn Interconnect Technology giant acquired Belkin, which also owns the Linksys and Wemo brands.
Foxconn's deal to buy the US consumer electronics maker has set as price sales of $866 million, according with the Financial Times.
Foxconn said the merger would need approval from the US Committee on Foreign Investment. But the government of the President Donald Trump he doesn't take kindly to US-China telecoms, so we can't talk about a done deal yet.
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.
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