Cisco (NASDAQ: CSCO ) is selling its home-networking business division, a unit that includes the Linksys brand, to privately held networking hardware concern Belkin. The move further distances Cisco from the consumer electronics market.
In a press release announcing the purchase, California-based Belkin did not reveal financial terms of the deal. Linksys was a high-profile acquisition for Cisco, which bought the company in 2003 for $500 million in stock.
Belkin said in the announcement that it is to "maintain the Linksys brand and will offer support for Linksys products as part of this transaction." The sale is expected to close in March. Belkin said it and Cisco "intend to develop a strategic relationship on a variety of initiatives including retail distribution, strategic marketing and products for the service provider market."