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."