• by Chuck Martin , March 27, 2018

The company that makes iPhones in China is acquiring the company that makes Wemo, the Wi-Fi smart plug.

Foxconn Interconnect Technology (FIT) is buying Belkin International for $866 million, according to an announcement by Belkin. Besides Wemo, brands being acquired include Linksys, Belkin and Phyn.

The transaction is expected to provide Foxconn with further entry into the premium accessories and smart home market.

“Integrating Belkin’s best-in-class capabilities and solutions into FIT, we expect to accelerate our penetration into the smart home,” stated Sidney Lu, CEO of Foxconn.

“This move will accelerate our vision of delivering technology that makes the lives of people around the world better, more convenient and more fulfilling,” stated Chet Pipkin, CEO and founder of Belkin International. “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 operate as a subsidiary of Foxconn, according to Belkin.