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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.
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