Foxconn Unit To Buy Belkin In Brand Push

{{#if alert}}

{{msg}}

{{/if}} {{#if confirm}}

{{msg}}

{{/if}} {{#if email}}

Please enter a valid destination email id

{{/if}}

FIT will pay $866m in cash for Belkin, a maker of Wi-Fi routers, mobile device chargers and keyboards

Taipei: FIT Hon Teng Ltd, part of the contract manufacturing giant Foxconn Technology Group, agreed to buy Belkin International Inc in the latest move by billionaire Terry Gou to expand in branded goods. FIT will pay $866 million (Dh3.18 billion) 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 Inc’s iPhones, is seeking to expand beyond contract production to capture more of the value chain in branded groups.

Loading...

Currencies

As on

RECENT NEWS

BNY Mellon Lands A Big Ally For Expansion In Saudi Arabia

NCB Capital is the kingdom's biggest asset manager and investment bank Read more

Coronavirus, Low Oil Prices Set To Speed Up Gulf Bank Mergers

Moody's Investors Service says financial concerns in the region will play a larger role in encouraging deals Read more

Abu Dhabi Fund Buys $750m Stake In Retail Arm Of Indian Giant Reliance

Subsidiary of the Abu Dhabi Investment Authority will buy a 1.2% stake in Reliance Retail Ventures Read more

How The Lebanese Private Sector Is Coping In The Eye Of A Storm

Businesses extremely pessimistic about future as layoffs continue and wages plummet Read more

Lebanese Pound: The Most Undervalued Currency In The World

As political and economy chaos ensues, leading analyst says exchange rate needs sorting 'as soon as possible' Read more

How Coronavirus Is Changing Banking For The Better

Redefining finance for good: Virtual CXO Forum to take place on October 7 Read more