“A Hong Kong-listed subsidiary of Taiwan-based iPhone supplier Foxconn said on Tuesday it had agreed to buy US consumer electronics maker Belkin International for $866m by way of a merger,” Alice Woodhouse reports for The Financial Times.
“FIT Hon Teng said in a filing to the Hong Kong stock exchange on Tuesday that the merger with Belkin, which manufactures products including wireless charging devices and networking products, will give it access to sales networks, technology and production capabilities,” Woodhouse reports. “Belkin has more than 700 patents.”
“Once the deal is completed, Belkin will become a directly-owned subsidiary of FIT. Belkin founder and chief executive Chester J. Pipkin will become chief executive of the new subsidiary,” Woodhouse reports. “The merger is subject to approval from the Committee on Foreign Investment in the United States.”
Read more in the full article here.
MacDailyNews Take: Good luck with the merger, pending approval, of course!
[Thanks to MacDailyNews Readers “Fred Mertz” and “Lynn Weiler” for the heads up.]