Foxconn, a subsidiary of Hon Hai Precision Industry Co., and Belkin, have signed a definitive agreement for Foxconn to acquire Belkin for approximately $866 million in cash.

Chet Pipkin, CEO and founder, Belkin, said in a statement, “We see significant synergies with FIT (Foxconn), including leveraging its world-class manufacturing capability to enhance Belkin’s operating efficiency and competitiveness. The transaction also grants us access to more resources to invest in our people and to aggressively pursue opportunities in the marketplace.”

Belkin and its family of brands will continue to operate as a subsidiary of Foxconn under Mr. Pipkin, who is expected to join Foxconn’s management team as well.

[Image courtesy: Belkin]