Foxconn buys Belkin for $866 million

Taiwanese electronics manufacturing giant Foxconn announced the acquisition of Belkin International. For a total of $866 million, Foxconn got its hands on the Belkin, Linksys, Wemo, and Phyn brands. Additionally, Foxconn also acquires over 700 patents.

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

ARS Technica reports the deal will need approval by the Treasury Department's Committee on Foreign Investment in the United States.

If the deal goes through, it will be the third time the Linksys brand exchanges hands this century. Cisco bought Linksys in 2003 and sold it to Belkin in 2013.