Starman Holding acquires nearly all of GoPro for $285 million
Starman Holding has acquired nearly all of GoPro for $285 million in cash. Starman describes the transaction as a merger, and GoPro’s current shareholders will retain 10% of the company’s shares after its completion, The Verge reports.
New areas of work
GoPro founder and CEO Nick Woodman called the company one of the leading U.S. providers of imaging and optics solutions. According to him, GoPro works in national security areas related to cameras, optics, and artificial intelligence infrastructure.
Starman Holdings CEO Charles Tebele said that combining GoPro’s optical expertise and intellectual property with Starman’s transceiver technologies and U.S. manufacturing platform creates an opportunity to bring the production of critically important components back to the United States.
GoPro, known primarily for consumer action cameras, announced as early as April its intention to provide consulting services in the defense and aerospace sectors. In its new statement, the company also said it would fully support its existing consumer products and develop this area.
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Markiplier’s stake
Before the deal, YouTuber Mark “Markiplier” Fischbach became GoPro’s largest individual shareholder after acquiring 8.5% of its shares. According to the publication, he did not disclose this stake in a sponsored review released a week later.
After the acquisition was announced, the value of GoPro shares doubled within a day and later began to stabilize. It is unknown whether Fischbach will retain his stake after the deal is completed.
Financial condition
Amid financial difficulties, GoPro lost most of its value and had $92 million in debt. Starman Holding is affiliated with the mobile device accessory brands Incipio, Incase, Griffin, and Survivor.
