Foxconn, a Taiwan-based electronics manufacturer who builds iphones and ipads, announced that they have bought nearly 9% stake in GoPro for a cool $200 million. The partial acquisition puts GoPro’s valuation at about $2.25 billion.
SAN MATEO, Calif. – GoPro announced today that Hon Hai Precision Industry Co., Ltd, the world’s largest electronics manufacturing company also known as Foxconn, has acquired an 8.88% full-diluted stake in GoPro for $200 million, valuing the company at $2.25 billion. GoPro makes the world’s most versatile cameras, enabling people to capture and share immersive and engaging footage of themselves during their favorite activities. Terry Gou, Foxconn’s Founder and CEO, will join GoPro’s board. Notable products manufactured by Foxconn include Apple’s iPhone, iPad, Sony PlayStation, and Microsoft Xbox.
“Needless to say, we are over the moon to have Terry Gou and Foxconn join us on our mission to scale GoPro into one of the great enabling companies of our time,” said GoPro Founder and CEO, Nicholas Woodman. “Foxconn and GoPro see a future where personal content capture and enjoyment will play an increasingly important role in our lives and we’re excited to combine efforts to strengthen GoPro’s position in that future.”
Terry Gou added, “I saw a great opportunity in investing in GoPro, not only the company’s product lines but also the man who is running the company. 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. And together with Foxconn, the outlook of this company is even brighter as we commit to helping it achieve its fullest potential.”