Foxconn buys Belkin and it’s Related Brands. Lately on Monday, Taiwanese hardware manufacturer Foxconn announced the acquisition of accessory firm Belkin and its associated brands, Linksys, and Wemo.
This acquisition indicates that Foxconn, known best for manufacturing the iPhone, will soon have its own lineup of routers and other computer accessories.
Meanwhile, California-based company Belkin is a well-known brand when it comes to computer and smartphone accessories, such as routers, wireless chargers, laptop docks, and more. Also, Belkin has a smart home system called WeMo.
The deal to buy the electronics maker has a price tag of $866 million (roughly N311,760,000,000 Trillion) by way of a cash merger, the companies announced in a joint statement.
“FIT is excited to acquire Belkin and its capabilities in the premium consumer products space,” said Sidney Lu, CEO, FIT. “Integrating Belkin’s best-in-class capabilities and solutions into FIT, we expect to enrich our portfolio of premium consumer products and accelerate our penetration into the smart home,” he added.
This is a major move by Foxconn, as it is coming out of being a manufacturing partner to the owner of three popular consumer brands. Using Belkin’s research and development capabilities, FIT expects to tap into the premium accessories and the smart home market, the company said. This would also help Belkin to grow its portfolio of brands and products by more investment in research, development, and engineering..