Tuesday, March 27, 2018

Belkin Acquired By Foxconn In $866M Deal

Los Angeles-based consumer electronics and accessories maker Belkin--which is behind such well known brands as Belkin, Linksys, Wemo, and Phyn--has been acquired by Taiwanese electronics giant Foxconn, in a deal worth $866M in cash. According to Foxconn (Foxconn Interconnect Technology Limited), which itself is a subsidiary of Hon Hai Precision Industry Co., Ltd.--it will use the acquisition to help it further tap into premium accessories and the smart home market. As part of the acquisition, Chet Pipkin, the CEO and founder of Belkin International will join Foxconn's managemen team, and will continue to lead Belkin International and its family of brands.