Foxconn Interconnect Technology Limited (FIT), a subsidiary of Hon Hai Precision Industry Co., Ltd., has acquired Belkin, which also owns the Linksys, Phyn and Wemo brands, the company announced on Tuesday.

The US$866 million transaction will create a global consumer electronics leader.

Leveraging Belkin's strength in research and development capabilities and the consumer products channel, FIT is expected to further tap into premium accessories and the smart home market. The transaction would also fuel the growth of Belkin's portfolio of brands and products and supports further investment in research and development and engineering to expand FIT and Belkin's presence in the U.S. and key markets globally.

Belkin International and its family of brands will continue to operate as a subsidiary of FIT under the leadership of CEO and founder Mr. Pipkin and his executive team. Mr. Pipkin is expected to join FIT's management team.