Video: This tiny smart plug is Belkin's best.
Foxconn, a subsidiary of Foxconn manufacturer Foxconn Interconnect Technology, has taken over Belkin, which also includes the Linksys and Wemo brands, the company said Tuesday.  linksys-wrt-1900acs.jpg "height =" auto "width =" 370 "/>
A Foxconn subsidiary has acquired Foxconn to better address the premium accessories and smart home markets focus. (file photo)
Foxconn's deal to buy the US consumer electronics manufacturer, according to [Financial Times Financial Times]is worth $ 866 million through a barfusion.
Foxconn said the merger will have to be approved by the US Foreign Investment Committee. The administration of President Donald Trump has shown fear of US-Chinese telecom transactions, so it's far from being a closed deal.
Foxconn said the acquisition of Belkin will make it possible to tap into the premium accessories and smart home market. Belkin has more than 700 patents in its portfolio, including those from Linksys home routers, Belkin wireless accessories, and Wemo smart home products.
"FIT looks forward to taking on Belkin and its premium consumer goods capabilities," said Sidney Lu, CEO of FIT, in a statement. "We will integrate Belkin's best-in-class capabilities and solutions into FIT and expect to enrich our portfolio of world-class consumer goods and accelerate our penetration into the smart home."
Belkin and its brands will operate under a subsidiary of FIT. Chet Pipkin, CEO and founder of Belkin International, will join the FIT management team.
Pipkin said in a statement on the acquisition:
"This move will accelerate our vision of delivering technologies that make the lives of people around the world better, more comfortable, and more fulfilling, and I'm thrilled to be taking over our brand portfolio Belkins, Linksys, Wemo and Phyn reach new heights: We see significant synergies with FIT, including leveraging its world-class manufacturing capabilities, to improve Belkin's operational efficiency and competitiveness, and aggressively procure access to more resources for investment in our employees Looking for opportunities in the marketplace. "
Belkin was founded in 1
"Belkin International is a globally recognized brand with a wide range of consumer electronics products, services and solutions," FIT said in a letter to the Hong Kong Stock Exchange on Tuesday.
Belkin had approximately $ 789 million in sales during the fiscal year ending until Sept, the filing filed.