Foxconn Acquiring Belkin, Linksys, and Wemo for $866 Million

Foxconn Interconnect Technology, a Foxconn subsidiary, is acquiring popular accessory maker Belkin for $866 million in cash, the companies jointly announced on Monday. The deal will also include other brands in the Belkin portfolio, including Linksys, Wemo, and Phyn.

Here's the report:
“This move will accelerate our vision of delivering technology that makes the lives of people around the world better, more convenient and more fulfilling. I am thrilled to take our brand portfolio of Belkin, Linksys, Wemo and Phyn to new heights,” said Chet Pipkin, CEO and founder, Belkin International. “We see significant synergies with FIT, including leveraging its world-class manufacturing capability to enhance Belkin’s operating efficiency and competitiveness. The transaction also grants us access to more resources to invest in our people and to aggressively pursue opportunities in the marketplace.”
Foxconn’s Interconnect Technology will be paying $866 million in cash to acquire Belkin. The deal will have to get the necessary approval from the U.S. before it can be finalized though. Given how President Donald Trump shutdown Broadcom’s effort to acquire Qualcomm, it is possible that we may see Foxconn’s acquisition of Belkin meet a similar fate. But then, Foxconn has managed to get itself in the good books of President Trump by announcing a $10 billion investment to build a factory in Wisconsin.

Belkin and its family of brands will continue to operate as a Foxconn subsidiary under the leadership of CEO and founder Mr. Pipkin.

 


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