Foxconn buys PC peripheral maker Belkin for $866M

The Taiwanese company best known for manufacturing iPhones, Foxconn is buying Belkin, the PC peripherals company, for $866 million in cash.

Based in California, Belkin is known for an array of computer and phone accessories, including wireless chargers, laptop docks, and phone cases. It also owns the brands Linksys and Wemo.

Foxconn said the Belkin acquisition will enable it to better tap into the premium accessories and smart home market. Belkin has more than 700 patents in its portfolio, including those of Linksys home routers, Belkin wireless accessories, and Wemo smart home products.

"Foxconn Interconnect Technology (FIT) is excited to acquire Belkin and its capabilities in the premium consumer products space," Sidney Lu, CEO of FIT, said in a statement. "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."

As the Financial Times notes the purchase should be subject to approval from the US Committee on Foreign Investment. In the light of the recent high profile foreign acquisitions shut down under the Trump administration, one shouldn’t consider this purchase done deal — especially since it involves networking equipment. However, Foxconn's $10 billion pledge to build a factory in Wisconsin should help it stay on the administration’s good side.

Belkin and its brands will operate under a subsidiary of FIT. Chet Pipkin, CEO and founder, Belkin International will join FIT's management team.