Foxconn subsidiary buys Apple iPhone, iPad and Apple Watch accessories maker Belkin for $866 million
Foxconn Interconnect Technology, a subsidiary of Apple iPhone assembler Foxconn, has acquired Belkin International for $866 million. Belkin is a manufacturer of accessories under brand names like Belkin, Linksys, Wemo and Phyn. Belkin International offers a wide range of products including USB cables and adapters, power banks, wireless charging pads, screen protectors and more. Belkin's accessories are available for the iPhone, iPad and Apple Watch. The Wemo brand sells automation products for the home using Apple's HomeKit platform. The Linksys brand is found on wireless routers, and the Phyn name is used for smart water monitors that check for leaks.
It seems that Foxconn Interconnect Technology plans on using Belkin's strong R&D team and its product distribution platform to sell premium accessories, and products for consumers interested in turning their house into a "smart home." Belkin will get to invest more in R&D and add to its product portfolio. The transaction is also expected to increase the U.S. presence of Belkin and Foxconn Interconnect Technology.
There is no word on when the deal is expected to close.
source: Belkin
"FIT is excited to acquire Belkin and its capabilities in the premium consumer products space. 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."-Sidney Lu, CEO, FIT
"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. 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."-Chet Pipkin, founder and CEO, Belkin International
"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. 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."-Chet Pipkin, founder and CEO, Belkin International
There is no word on when the deal is expected to close.
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