Cisco announced today in a blog post that Belkin will acquire Cisco’s Home Networking Business Unit and its leading brand, Linksys. Cisco had been rumored to be looking to get rid of Linksys, and now it appears it has found a buyer.

Cisco VP, Head of Corporate Business Development, Hilton Romanski writes:

Linksys is a strong and enduring brand with a talented team that has helped revolutionize the way we experience the world from our homes through a wide range of home routing and networking solutions with innovative software features that enable anytime, anywhere access and control of the home network and its connected devices.

Combined, Belkin and Linksys will create a world-class consumer networking technology provider with complementary innovation and engineering strategies. Linksys will enhance Belkin’s capabilities to meet the needs of OEMs, as well as provide access to a large user base. Belkin and Cisco intend to pursue a strategic relationship focused on a variety of initiatives including retail distribution, strategic marketing and products for the service provider market.

Belkin shortly thereafter put out a press release announcing the acquisition intent, but did not disclose the terms.

Belkin CEO Chet Pipkin says, “We’re very excited about this announcement. Our two organizations share many core beliefs – we have similar beginnings and share a passion for meeting the real needs of our customers through the strengths of an entrepreneurial culture. Belkin’s ultimate goal is to be the global leader in the connected home and wireless networking space and this acquisition is an important step to realizing that vision.”

Cisco announced its own intent to acquire Intucell earlier this week.