The iPhone manufacturer Foxconn, owned by Foxconn Interconnect Technology. Late Monday, Foxconn Interconnect Technology giant acquired Belkin, which also owns the Linksys and Wemo brands.
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 Committee on Foreign Investment. THE government but President Donald Trump doesn't take kindly to US-China telecommunications, so we can't talk about a complete 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 high-end consumer products space quality,” 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 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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