After years of financial struggles, action camera pioneer GoPro is being acquired for $285 million.
A company called Starman Optical has agreed to merge with GoPro. The deal involves Starman Optical paying GoPro shareholders $1.14 per share and leaving those shareholders with about 10% of the newly combined company. The deal, expected to close by the end of this year, will wipe away GoPro’s outstanding debt of $92 million.
The merger, announced Tuesday morning, comes a few months after GoPro revealed it was considering pivoting from building cameras to becoming a defense tech company. A day or so ago, YouTuber Markiplier revealed he had amassed an 8.5% stake in GoPro.
That appears to still be in the cards, as the company said the merger will “maximize the value of GoPro’s IP and growth potential in consumer, commercial and defense markets by recapitalizing the company, strengthening its balance sheet, investing in growth and onshoring the manufacturing of products for strategic markets.”
GoPro will also “fully support” its existing consumer products while “investing in growth and a broader, diversified product roadmap.”
