Longtime Apple supply and assembly partner Foxconn on Monday announced the acquisition of popular accessory maker Belkin in a deal worth around $866 million. The deal also includes Belkin owned brands Linksys, Phyn, and Wemo.
Foxconn subsidiary, Foxconn Interconnect Technology Limited (FIT) and Belkin posted a joint statement on Monday to announce the deal. The acquisition is an all-cash deal.
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.”
Belkin produces a wide range of popular accessories used by owners of smartphones, tablets, computers, smartwatches and more. The company’s Wemo brand offers a number of smart home accessories, while Linksys manufactures routers, switches, and other networking equipment.
In 2016, Belkin and plumbing supplier Uponor partnered to create a new company dubbed Phyn, which manufactures an iPhone-connected water monitoring device.
The merger has yet to have been approved by the U.S. Treasury Department’s Committee on Foreign Investment.