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Foxconn buys minority stake in GoPro for $200 million
Shovels are seen at a ground breaking ceremony for Foxconn's new China headquarters building at the Lujiazui financial district of Pudong in Shanghai May 10, 2012.
Credit: Reuters/Aly Song
(Reuters) - Taiwanese electronics manufacturer Foxconn said on Thursday that it had bought an 8.88 percent stake in GoPro for $200 million, giving the U.S. camera maker a valuation of $2.25 billion.
Foxconn, which trades as Hone Hai Precision Industry Co, said its founder and chief executive officer, Terry Gou, would join GoPro's board.
Reuters reported in July that GoPro, which makes wearable cameras used by surfers and extreme sports enthusiasts, was planning a public offering of $300 million to $500 million next year, citing sources close to the matter.
Foxconn manufactures products such as Apple Inc's iPhone and Sony Corp's PlayStation.
(Reporting by Sinead Carew; Editing by Lisa Von Ahn)
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