Foxconn Interconnect Technology Limited (SEHK:6088) signed a definitive agreement to acquire Belkin International, Inc. from Chester J. Pipkin, certain of Chester J. Pipkin’s family trusts, investment vehicles, charitable trusts, The Pipkin Charitable Foundation, certain current and former employees of Belkin International for approximately $870 million on March 26, 2018. The consideration will be paid in cash and is subject to adjustment. Out of total the consideration, $129.9 million will be paid into an escrow account. As of September 6, 2018, the merger agreement has been amended and as per the terms of amended agreement the consideration is reduced from $866 million to $850 million, additionally the amount to be paid into an escrow account has been reduced from $129.9 million to $113.9 million. Foxconn intends to finance the transaction through internal resources, equity/debt financing through capital markets or bank financing, or a combination of any of them. Upon closing of the transaction, Belkin International will become a direct wholly-owned subsidiary of Foxconn. As of September 30, 2017, Belkin International reported sales $789.16 million, net income $4.663 million, net assets $57.422 million and income before taxes $4.377 million. Belkin International and its family of brands will continue to operate as a subsidiary of Foxconn Interconnect Technology under the leadership of Chief Executive Officer and founder, Chet Pipkin and his executive team. Chet Pipkin is expected to join Foxconn Interconnect Technology's management team. The transaction is subject to approval of Hart-Scott-Rodino Antitrust Improvements Act of 1976, governmental and CFIUS (if applicable). On April 16, 2018 US Federal Trade Commission granted the early termination notice. The agreement may be terminated if, among other things, closing shall not have occurred on or before June 25, 2018. An amendment agreement was entered on June 20, 2018 to change the termination date to August 15, 2018. Kirsten Jensen, Michael Reeves, Jackie Kerin, Laura Berzins, Chris Lin, Celia Lam, Venus Lo, Jun Feng, Peter Thomas, Ellen Frye, Kelly Karapetyan, William Kearney, David Shogren, Alexandra Saper, Tristan Brown, Alexander Ellebracht, Marcela Robledo, Cecillia Xie, Katharine Moir, Jacqueline Clinton and Timothy Mulvihill of Simpson Thacher & Bartlett LLP acted as legal advisors to Foxconn. Kevan Flanigan of Deloitte Corporate Finance LLC acted as financial advisor to Foxconn Interconnect. UBS acted as financial advisor to Belkin Intenational, Inc. Richard Hall of Conyers Dill & Pearman ated as legal advisor to Foxconn Interconnect Technology Limited, parent of FIT Hon Teng Limited. FIT Hon Teng Limited (SEHK:6088) completed the acquisition of Belkin International, Inc. from Chester J. Pipkin, certain of Chester J. Pipkin’s family trusts, investment vehicles, charitable trusts, The Pipkin Charitable Foundation, certain current and former employees of Belkin International on September 20, 2018.