Foxconn, known for helping Apple and a number of other large companies manufacture goods, has extended their supplier roots by purchasing a minority stake in camera maker GoPro. The agreement will see Foxconn hand over roughly $200 million for an 8.8 percent stake in the camera maker.
The purchase would give GoPro a market value of $2.25 billion and net Foxconn founder and CEO Terry Gou a spot on their board of directors, according to CNET. It’s unclear exactly why Foxconn decided to branch out and invest in the company but clearly they believe it’s a wise business decision.
Gou praised GoPro’s product line and their CEO in a prepared statement, saying Nick Woodman was an outstanding entrepreneur who has the caliber to be very successful in his role. He believes the outlook for GoPro is even brighter and they will be able to achieve their full potential now that they have partnered with Foxconn.
GoPro has made a huge impact with their line of wearable and mountable video cameras designed to let people shoot themselves while active. The company launched their first line of cameras back in 2009 and just recently unveiled the Hero 3 line back in October.
The flagship Hero 3 Black edition is 30 percent smaller and 25 percent lighter than previous models. It includes a video processor that is twice as fast as the one in the Hero 2 which allows users to capture video at full 4k cinema resolution. Pricing starts at just $199 for an entry-level GoPro Hero 3.