GoPro to Be Acquired for $285 Million

GoPro will merge with Starman Optical. The deal is valued at $285 million and is expected to close by the end of the year.

Under the agreement, GoPro shareholders will receive $1.14 per share and will retain roughly a 10% stake in the combined company. Following the deal, GoPro's $92 million in debt will also be paid off. The company will remain publicly traded.

GoPro has faced financial difficulties in recent years, and in June the company itself warned investors that it would struggle to continue operations without additional funding. In July, GoPro founder and CEO Nick Woodman injected $20 million into the company.

After the merger, GoPro will continue selling cameras, but also plans to expand into the commercial and defense sectors. According to Starman, one of the goals is to bring part of the manufacturing of camera, optics, and AI-related equipment back to the US.

Source: Yahoo Finance