Global technology giant and iPhone-manufacturer Foxconn is soon to acquire Belkin, which also owns Linksys and Wemo, for $866 million, according to an announcement Monday made by a subsidiary of the company.
Foxconn Interconnect Technology announced the purchase, which will give the Taiwanese company ownership of some of the market's best routers and computer accessories.
California-based Belkin creates an array of tech accessories, from wireless chargers to phone cases, and purchased router-creator Linksys in 2013. It also owns Wemo, the smart home system producer.
The purchase of major consumer brands signals a major shift for Foxconn, transitioning from a manufacturing partner to a direct product provider.
The sale is awaiting approval by the U.S. Committee on Foreign Investment, according to The Financial Times, amid an uncertain climate for foreign acquisition under President Donald Trump's administration. However, Foxconn's pledge to build a $10 billion factory in Wisconsin, which is expected to add up to $3.4 billion in state gross domestic product annually, could help win its approval.
Foxconn first signaled a desire to expand its business earlier this year, seeking to decrease its reliance on Apple, which provides half of its sales.
