Foxconn Buys Belkin and Linksys for $866 Million USD

/ 5 years ago

Foxconn Buys Belkin and Linksys for $866 Million USD

Foxconn Grows Further

Taiwanese manufacturer Foxconn is already behind approximately 40% of all consumer electronics in the world. This even includes iPhones and components for PCs you are likely using. Now they have agreed to purchase Belkin for $866 million in cash. The American company also owns the Linksys, Phyn and Wemo brands, all of which will continue to operate as a Foxconn subsidiary. Linksys of course is known for their networking equipment and smart-home related products. Aside from brand ownership, Foxconn also now owns Belkin‘s portfolio of more than 700 patents.

Foxconn Buys Belkin and Linksys for $866 Million USD

Is The Deal Complete?

Foxconn Buys Belkin and Linksys for $866 Million USD

The deal still requires formal approval by the US Treasury Department’s Committee on Foreign investment. Most recently, they have stopped a proposed plan by Singapore-based Broadcom to acquire US-based Qualcomm.

Foxconn’s investment in the US however puts them in a better position than Broadcom. They are currently promising building a $10 billion manufacturing facility. However, they have hit a snag with concerns about the use of eminent domain to acquire land outside Milwaukee. The state of Wisconsin is also promising the company a $3 billion tax break for their investment. This plant is on schedule to be fully operational by the end of 2019.

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