Foxconn, the company that makes the iPhone, has acquired Belkin for $866 million

Taiwanese giant Foxconn, best known to the western world as the company that manufactures the iPhone for Apple, has bought accessory maker Belkin, as well as associated brands Wemo, Linksys and Phyn, for $866 million in cash, the companies announced Monday.

California's Belkin is best known for its array of phone and PC accessories; Linksys manufactures networking equipment; Wemo makes home automation equipment, and Phyn sells a product that notifies you of water leaks in the house.

“Integrating Belkin’s best-in-class capabilities and solutions into FIT (Foxconn Interconnect Technology Limited, a subsidiary of Foxconn), we expect to enrich our portfolio of premium consumer products and accelerate our penetration into the smart home,” Sidney Lu, the CEO of FIT said in a statement.

According to the press release, Belkin and its subsidiaries will continue to operate as a subsidiary of Foxconn. The company will continue to be led by Belkin CEO and founder, Chet Pipkin.

The acquisition is notable as Foxconn didn't, until now, own any widely recognized consumer brands.

The announcement comes on the same day as FCC chairman Ajit Pai's proposal to ban purchases of communications equipment from companies that pose a national security risk. No company has been named in the document, but the language is in line with warnings that have recently been raised about Chinese companies, namely Huawei and ZTE. And now that Foxconn owns Linksys, there's a possibility that it, too, may come under scrutiny from U.S. regulators.

Note that the deal is still subject to approval from the Treasury Department's Committee on Foreign Investment in the United States, which blocked a Broadcom bid to acquire Qualcomm in March.