Cisco has entered an agreement to offload its home networking unit and Linksys brand to accessories maker Belkin.
Rumours Cisco was looking to sell the division began to solidify in December last year, when it was reported to have hired bankers to assist with an impending sale.
The company was rumoured to be reaching out to prospective buyers as early as May 2011, after axing its consumer-oriented Flip camera business.
Cisco has undergone an intense restructuring program over the past year which has seen it shift away from consumer markets.
Financial terms of the Linksys sale were not disclosed. The deal is expected to close in March this year.
Belkin said it would maintain and support the Linksys brand, including honouring outstanding and future warranties.
The transaction will boost Belkin to hold 30 percent of the US retail home and SMB networking market.
“Linksys pioneered wireless connectivity capability around the globe, and has a strong brand renowned for its premium market position, the strength of its installed base and its proven dependability. Linksys users benefit from peace of mind in their home networking environment,” said Belkin CEO Chet Pipkin in a statement.
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