Foxconn Interconnect Technology (FIT), a subsidiary of Foxconn, and Belkin have announced an agreement under which FIT has agreed to acquire Belkin—as well as it’s sub-brands Linksys, Wemo and Phyn—for approximately $866 million. The company is expected to further tap into premium accessories and smart home markets. The transaction also fuels the growth of Belkin’s portfolio of brands and products, and supports further investment in R&D and engineering to expand FIT and Belkin’s presence in the US and key markets globally.
Belkin and its family of brands will continue to operate as a subsidiary of FIT, under the leadership of CEO and founder Chet Pipkin and his executive team. Pipkin is expected to join FIT’s management team.
