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Foxconn Acquires Belkin

Taiwan’s Foxconn has bought California-based accessory maker Belkin, as well as associated brands Wemo, Linksys and Phyn, for $866 million in cash, the companies announced Monday.

According to the press release, Belkin and its subsidiaries will continue to operate as a subsidiary of Foxconn. The company will continue to be led by Belkin founder and CEO, Chet Pipkin.

According to Mashable, this is the first widely recognized consumer brand that Foxconn has acquired.

The deal is still subject to approval from the Treasury Department’s Committee on Foreign Investment in the US, which blocked a Broadcom bid to acquire Qualcomm in March.

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