Foxconn Acquires Belkin for $866 Million in Cash

[btarunr]

Foxconn Interconnect Technology Limited (FIT), a subsidiary of Hon Hai Precision Industry Co., Ltd., and Belkin International, Inc. (Belkin , Linksys , Wemo , Phyn brands) jointly announced today the signing of a definitive agreement under which FIT agreed to acquire Belkin International for approximately US$866 million in cash, creating a global consumer electronics leader.

Leveraging Belkin's strength in research and development capabilities and the consumer products channel, FIT is expected to further tap into premium accessories and the smart home market. The transaction would also fuel the growth of Belkin's portfolio of brands and products and supports further investment in research and development and engineering to expand FIT and Belkin's presence in the U.S. and key markets globally.

"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."

"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."

Belkin International and its family of brands will continue to operate as a subsidiary of FIT under the leadership of CEO and founder Mr. Pipkin and his executive team. Mr. Pipkin is expected to join FIT's management team.

View at TechPowerUp Main Site

 

[remixedcat]

that was a bargain... lol

 

[Space Lynx]

that was a bargain... lol

It is an early celebration, USA treasury committee can still block it if they want, they blocked the Qualcomm takeover recently, so this is a premature celebration on the news outlets ends and/or Foxconn's.

 

[lexluthermiester]

that was a bargain... lol

Was it? Belkin hasn't been doing well in the last decade. Foxconn might be able to turn them around though...

 

[Susquehannock]

It is an early celebration, USA treasury committee can still block it if they want, they blocked the Qualcomm takeover recently, so this is a premature celebration on the news outlets ends and/or Foxconn's.

True. But Foxconn has pledged to build a $10-billion facility in Wisconsin, which could help it stay on US regulators' good side.

Was it? Belkin hasn't been doing well in the last decade. Foxconn might be able to turn them around though...

Maybe not the Belkin brand itself. Buying out Linksys in 2013 has worked out for them though.

We should also consider that Foxconn is a major manufacturer of iPhones and iPhone equipment. Couple that with Belkin being a well known supplier of phone accessories and chargers could signal some interesting changes ahead.

 

[Octavean]

In Cash,....!?!

How many suitcases is that,....?

 

[btarunr]

In Cash,....!?!

How many suitcases is that,....?

"In cash" means they paid money (and not shares/assets) as payment. I'm sure the actual transaction would've been a bank transfer.

 

[remixedcat]

Was it? Belkin hasn't been doing well in the last decade. Foxconn might be able to turn them around though...

Linksys has with the WRT line, that's their saving grace. I even reviewed the 1900ACS and it was pretty good. even better with DDWRT on it.

 

[StrayKAT]

China and 5G was a big reason Broadcom was blocked.

Belkin is nothing of the sort. But consolidation still makes me sad.

 

[RejZoR]

It's right there in the name! Foxconn

 

[TheinsanegamerN]

Yay more mergers! Just what we needed!

I cant wait to build my next computer with OmniCorp parts with OmniCorp OS!

"In cash" means they paid money (and not shares/assets) as payment. I'm sure the actual transaction would've been a bank transfer.

Nah, dont ruin the dream. they had a giant shipping container carried by zeppelin full of money dropped on belkin's HQ doorstep

 

[Vayra86]

Bought one Belkin audio cable some years ago... it failed early. An analog audio cable. Failed. Early

 

[timta2]

As a Wisconsin resident, see, giving these rich corporations huge taxpayer-funded breaks and incentives has huge benefits, for them!