FIT Hon Teng, a subsidiary of the contract electronics manufacturing giant and iPhone accessory maker, Foxconn Technology Group, has agreed to buy Belkin International in the latest move by billionaire Terry Gou to expand in branded goods.
FIT will pay $866 million in cash for Belkin, a maker of Wi-Fi routers, mobile device chargers and keyboards, the company said in a filing to the Hong Kong stock exchange. The deal will give it access to strong research and development capacity with Belkin owning more than 700 patents, it said.
