Chinese major electronics giant, Foxconn Interconnect Technology Limited (FIT) is all set to acquire Belkin International including Belkin, Linksys, Wemo and Phyn brands 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, Foxconn 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 globally.
“FIT is excited to acquire Belkin and its capabilities in the premium consumer products space,” said Sidney Lu, CEO at 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 at 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.”
Post-merger, Belkin will continue to operate as a subsidiary of FIT under the leadership of current CEO and founder Pipkin and his executive team.