Foxconn subsidiary to buy Belkin International for $866 million
MANILA, Philippines – Electronics supplier Foxconn's subsidiary FIT Hon Teng said it will purchase Belkin International for $866 million through a merger with the company, the Financial Times (FT) reported Tuesday, March 27.
In a filing with the Hong Kong Stock Exchange on Tuesday, FIT Hon Teng said its merger with Belkin will give it access to the company's sales networks, technology, and production capabilities, along with more than 700 patents.
Belkin is best known for its consumer electronics, including Linksys routers and iPod and iPhone accessories. FIT meanwhile makes connectors, along with wired and wireless communications products, FT explained.
Upon completion of the deal, Belkin will become a directly-owned subsidiary of FIT. Chester J. Pipkin, Belkin's chief executive officer, will become the chief executive of the subsidiary.
The merger is still subject to approval from the US Committee on Foreign Investment. – Rappler.com