Foxconn Interconnect Technology (FIT) has agreed to acquire Belkin International for USD 866 million in cash. The takeover will see the cable-making company expand into the consumer electronics market with brands such as Belkin, Linksys, Wemo and Phyn.
FIT said it plans to leverage Belkin’s strength in research and development to further tap into the premium accessories and smart home market. Belkin will be able to benefit from Foxconn's manufacturing strength to enhance operating efficiency and competitiveness.
Belkin International and its family of brands will continue to operate as a subsidiary of FIT under the leadership of CEO and founder Chet Pipkin and his executive team. Pipkin is expected to join FIT’s management team.