GoPro Acquired by Starman Holding Amid Pivot to Defense
AI-generated image · US National Wire
The consumer camera giant is shifting toward national security and aerospace following a major investment from YouTuber Markiplier.
GoPro has been acquired by Starman Holding in a $285 million cash deal characterized as a merger, as The Verge first reported. The move comes shortly after YouTuber Mark “Markiplier” Fischbach became the company's largest shareholder, purchasing an 8.5 percent stake.
Under the deal, which is expected to close by the end of the year, existing shareholders will retain 10 percent of the company. The acquisition follows a period of financial instability for GoPro, which The Verge reports had $92 million in debt and had lost most of its public market value years ago.
While GoPro will continue to support its consumer products, CEO Nick Woodman is repositioning the company as an "imaging and optical solutions company" focused on AI infrastructure and national security. Starman Holding CEO Charles Tebele stated the merger combines GoPro's intellectual property with Starman's manufacturing platform and transceiver capabilities to bring the production of critical components back to the U.S.
Starman Holding is known for phone case brands such as Incase, Incipio, Griffin, and Survivor. The Verge notes that Starman Holding owns Onward Brands and Digital Gadgets, the latter of which reportedly secured $637 million in COVID-19 test contracts.