Foxconn unit to buy Belkin for US$866 million in brand push
PUBLISHED : Tuesday, 27 March, 2018, 11:52am
UPDATED : Tuesday, 27 March, 2018, 11:52am
Related topics
FIT Hon Teng Ltd, part of the contract manufacturing giant Foxconn Technology Group, agreed to buy Belkin International in the latest move by billionaire Terry Gou to expand in branded goods.
FIT will pay US$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 on Tuesday. The deal will give it access to strong research and development capacity with Belkin owning more than 700 patents, it said.
Gou, whose empire includes the main assembler of Apple’s iPhones, is seeking to expand beyond contract production to capture more of the value chain in branded groups. In 2016 he led a deal for control of Japan’s Sharp Corp and he is also investing in artificial intelligence and big data.
“Belkin International is a world recognised brand, with a wide range of offerings of consumer electronics products, services and solutions,” FIT said in the filing.
Belkin had sales of about US$789 million in the financial year ended September 30, FIT said.
Shares of FIT were unchanged at HK$4.05 in Hong Kong Tuesday morning.
Most Popular
Viewed
- 1
![The fifth instalment of a series on China’s hi-tech industry development master plan looks at 5G mobile technology and how it could create a more advanced digital foundation for the world’s second-largest economy]( "The fifth instalment of a series on China’s hi-tech industry development master plan looks at 5G mobile technology and how it could create a more advanced digital foundation for the world’s second-largest economy")
- 2
![The allegations were made in a countersuit in response to a Huawei complaint filed last year accusing CNEX of stealing its trade secrets]( "The allegations were made in a countersuit in response to a Huawei complaint filed last year accusing CNEX of stealing its trade secrets")
- 3
![Project Dragonfly is reported to be the code name for Google’s secret mission to develop a censored search app specifically for China]( "Project Dragonfly is reported to be the code name for Google’s secret mission to develop a censored search app specifically for China")
- 4
![‘Once such superhumans appear, there are going to be significant political problems with the unimproved humans, who will not be able to compete’]( "‘Once such superhumans appear, there are going to be significant political problems with the unimproved humans, who will not be able to compete’")
- 5
![Shanghai airport first to launch automated clearance system using facial recognition technology]()
Shared
- 1
![The fifth instalment of a series on China’s hi-tech industry development master plan looks at 5G mobile technology and how it could create a more advanced digital foundation for the world’s second-largest economy]( "The fifth instalment of a series on China’s hi-tech industry development master plan looks at 5G mobile technology and how it could create a more advanced digital foundation for the world’s second-largest economy")
- 2
![The allegations were made in a countersuit in response to a Huawei complaint filed last year accusing CNEX of stealing its trade secrets]( "The allegations were made in a countersuit in response to a Huawei complaint filed last year accusing CNEX of stealing its trade secrets")
- 3
![Shanghai airport first to launch automated clearance system using facial recognition technology]()
- 4
![Ocean Park raises its game and stays relevant by embracing technology]()
- 5
![Project Dragonfly is reported to be the code name for Google’s secret mission to develop a censored search app specifically for China]( "Project Dragonfly is reported to be the code name for Google’s secret mission to develop a censored search app specifically for China")
Commented
- 1
![Taipei seems happy to exploit Sino-American tensions for its diplomatic struggle with Beijing. Perhaps it should cast its mind back to the 1960s – when the US openly debated nuclear war over its islands]( "Taipei seems happy to exploit Sino-American tensions for its diplomatic struggle with Beijing. Perhaps it should cast its mind back to the 1960s – when the US openly debated nuclear war over its islands")
- 2
![Washington’s anti-China poison pill in its trade deal with Mexico and Canada – the 32.10 clause – could be copied in agreements with Asian countries to ratchet up the pressure on Beijing]( "Washington’s anti-China poison pill in its trade deal with Mexico and Canada – the 32.10 clause – could be copied in agreements with Asian countries to ratchet up the pressure on Beijing")
- 3
![Illustration: Lau Ka-kuen]( "Illustration: Lau Ka-kuen")
- 4
![Zheng Xiaosong was 59. Photo: Xinhua]( "Zheng Xiaosong was 59. Photo: Xinhua")
- 5
![The United States’ withdrawal from a nuclear weapons treaty could spark a fresh arms race, experts say. Photo: PLA Daily]( "The United States’ withdrawal from a nuclear weapons treaty could spark a fresh arms race, experts say. Photo: PLA Daily")
You may also like
Self-taught musicians hit high notes on app-connected instruments
In partnership with: HKT PREMIER
ATLAS to expand ventures after securing HK$6.8 billion investment
Sponsored by: ATLAS
Comments: