Belkin Plans to Purchase Cisco's Linksys Home Networking Business Unit
January 25, 2013 8:55 AM
Belkin plans to buy Linksys
Cisco has been looking to ditch its Linksys home networking division since December and
Barclays PLC to help find a buyer. Cisco originally acquired Linksys in 2003 for $500 million to get itself into the consumer networking market.
It looks like Cisco has finally found a buyer with Belkin announcing this week that it intends to acquire the Linksys division. The deal will see Belkin acquiring Linksys products, technology, the Linksys brand, and employees. Belkin says the Linksys main office will be located in Irvine, California.
Cisco/Linksys E4200V2 Dual-Band Wireless Router
“We’re very excited about this announcement,” said Chet Pipkin, CEO of Belkin. “Our two organizations share many core beliefs – we have similar beginnings and share a passion for meeting the real needs of our customers through the strengths of an entrepreneurial culture. Belkin’s ultimate goal is to be the global leader in the connected home and wireless networking space and this acquisition is an important step to realizing that vision.”
Belkin says that it will maintain the Linksys brand and offer support for existing Linksys products as part of the transaction. Belkin will honor all valid warranties for current and future Linksys products. Belkin also says that after the transaction closes it will own about 30% of the retail home and small business network market.
The terms of the transaction are unannounced and the deal is subject to customary closing conditions. Belkin and Cisco expect the deal to close in March 2013.
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