Enlarge / Billionaire Terry Gou, chairman of Foxconn Technology Group, holds a “FOXCONN” Wisconsin license plate during an event in Racine, Wisconsin, U.S., on Friday, Nov. 10, 2017. The agreement grants the electronics giant $3 billion in tax incentives for a massive manufacturing campus in southeastern Wisconsin. (credit: Daniel Acker/Bloomberg via Getty Images)

Foxconn, the famed Taiwan-based manufacturer behind approximately 40 percent of all consumer electronics (including the iPhone), has agreed to purchase Belkin for $866 million in cash.

“FIT is excited to acquire Belkin and its capabilities in the premium consumer products space,” said Sidney Lu, CEO of Foxconn Interconnect Technology (FIT), in a statement released late Monday evening. “Integrating Belkin’s best-in-class capabilities and solutions into FIT, we expect to enrich our portfolio of premium consumer products and accelerate our penetration into the smart home.”

Belkin, which owns the Linksys, Phyn, and Wemo brands, will continue to operate as a Foxconn subsidiary. The California-based company is best known for its Wi-Fi gear, among various newer smart home-related products.