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Foxconn Acquires Minority Stake in GoPro

Posted on December 20, 2012
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Foxconn, one of Apple’s several manufacturing partners, has announced it is purchasing a minority stake in GoPro, known for its wearable and mountable cameras. Details on the agreement reveal that Foxconn would pay about $200 million for an 8.8-percent stake in GoPro, while the camera maker would provide Foxconn’s CEO Terry Gou a seat on the board of directors.

It remains unclear why Foxconn decided to invest in GoPro. Nevertheless, Gou sees the purchase as a wise investment, even declaring his admiration to GoPro founder and CEO Nick Woodman.

“The first time I saw Nick Woodman, I immediately knew he was an outstanding entrepreneur who has the caliber to be very successful in this business,” Gou said in a statement. “And together with Foxconn, the outlook of this company is even brighter as we commit to helping it achieve its fullest potential.”

The purchase would give GoPro a boost to its market value–at $2.25 billion.

Source: CNET, via TechSpot

 
 

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