It looks as though last month’s rumor of Cisco looking to sell its Linksys division turned out to be true as we have just received a press release from Belkin announcing they plan to buy Linksys.
Belkin has entered into an agreement with Cisco to purchase its Home Networking Business Unit, which includes the Linksys brand and its employees. Belkin, which is also a major player in the home networking world, hasn’t announced the terms of the agreement, instead saying is very excited about today’s announcement.
“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,” said Belkin CEO, Chet Pipkin in a statement released today. “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.”
Once the purchase becomes complete, Belkin will account for approximately 30 percent of the U.S. retail home and small business networking market. Belkin also intends to honor all valid warranties and support customers of Linksys’ current products.