US connectivity and power products maker Belkin International Inc said it had agreed to acquire home networking provider Cisco-Linksys LLC, part of sector firm Cisco Systems Inc (NASDAQ:CSCO).
The deal serves the buyer’s strategy of becoming a global leader in the connected home and wireless networking space. It will give the company a 30% share of the US retail home and small business networking market, Belkin said without disclosing its financial terms.
Under the terms of the transaction, Belkin will preserve the Linksys brand and provide support for the target’s products. Besides, Belkin and Cisco will launch a strategic relationship focused on initiatives including retail distribution, strategic marketing and products for the service provider market.
The deal, which is subject to customary closing conditions, is seen closing in March this year.