Foxconn Interconnect Technology (FIT), the operating subsidiary for Hon Hai Precision Industry, and Belkin International, Inc. announced the signing of a definitive agreement under which FIT will acquire Belkin International for $866 million.
Belkin International and its family of brands will continue to operate as a subsidiary of FIT under the continuing leadership of Chief Executive Officer Chet Pipkin, who will also be appointed to the FIT management team.
Mr. Pipkin is excited about the acquisition, stating that 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.”
The transaction is currently pending.