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."

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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

According to Bloomberg, the Hon Hai Precision Industry subsidiary will also now acquire Belkin’s portfolio of more than 700 patents.

The deal will have to be formally approved by the Treasury Department's Committee on Foreign Investment in the United States, which recently nixed a proposed plan by Singapore-based Broadcom to acquire San Diego-based Qualcomm.

Meanwhile, Foxconn is investing heavily in Wisconsin, where it plans to build a $10 billion manufacturing facility. However, Foxconn has been running into some trouble over ongoing recent concerns about the use of eminent domain to acquire land in the village of Mount Pleasant, outside of Milwaukee.

The Taiwanese company, which is receiving a $3 billion tax break from the Badger State, is expected to have its Wisconsin factory fully operational by the end of 2019.