Foxconn makes $866 million acquisition deal with Belkin

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On Monday, Foxconn a technology manufacturing giant has announced the acquisition of Belkin Inc, an American based peripherals maker and its associates Linksys, Wemo and Phyn for $866 million in all cash.

Belkin is an American based peripherals manufacturing company which  provides a range of consumer electronics for iPhone, iWatch, iPad, Kindle, Samsung and networking services including USB-C, Type C, USB, Lightning, Micro-USB, and others.

Sidney Lu, CEO of FIT in a press release said that “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,” he added.

Chet Pipkin, CEO and founder of Belkin International said “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.”

He also added “We see significant synergies with FIT, including leveraging its world-class manufacturing ability 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.”

Even-though, It’s look like the deal is done, the Financial Times reports said that “This $866 million merger is still subject to approval from the US Committee on Foreign Investment.”

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