Houlihan Lokey Advises GoPro

Houlihan Lokey is pleased to announce that GoPro, Inc. (NASDAQ:GPRO) has entered into a definitive merger agreement with Starman Optical, Inc. (Starman). The transaction is expected to close by year-end 2026, subject to regulatory approvals and other customary closing conditions, including a shareholder vote.

Over the past 24 years, GoPro has developed industry-leading imaging solutions featuring innovative, advanced optics, market-defining technology, and an associated IP portfolio of more than 2,500 U.S. patents.

Starman, a Starman Holding company, is a privately held U.S. optical-photonics company focused on the development and domestic manufacturing of optical transceivers and related photonics technologies through its Starman New Photonics business. Starman Holding is a diversified holding company with interests across technology, consumer brands, and optical photonics.

The merger intends to maximize the value of GoPro’s IP and growth potential in consumer, commercial, and defense markets by recapitalizing the company, strengthening its balance sheet, investing in growth, and onshoring the manufacturing of products for strategic markets. GoPro plans to bring customers more innovative cameras, smarter accessories, and more powerful software and services designed to make capturing, editing, and sharing experiences easier and more exciting. The company sees significant opportunities to improve the products that have made GoPro a category leader while developing new tools and capabilities that help customers create, connect, and share in entirely new ways.

“We expect this merger to enable GoPro to grow across consumer, commercial, and defense markets as a leading American imaging and optical solutions company, addressing important areas of national security related to cameras, optics, and AI infrastructure. We’re excited to combine with the Starman team to capitalize on this opportunity and play an important role in America’s future,“ said Nicholas Woodman, Founder and CEO of GoPro. “This merger also positions us to invest in the future of the GoPro experience. We’re excited to continue bringing more innovative cameras, smarter accessories, and increasingly powerful software and services, while also expanding into new growth opportunities alongside the Starman team.”

“Advanced optics and imaging are essential to AI, national security, and the broader economy, yet much of the critical hardware supporting these technologies continues to be manufactured overseas,“ said Charles Tebele, Chief Executive Officer of Starman Holding. “The combination of GoPro’s world-class optical expertise and intellectual property with Starman’s advanced transceiver capabilities and U.S. manufacturing platform creates a unique opportunity. Together, we intend to bring production of these critical components back to the United States.“

Houlihan Lokey acted as a financial advisor and provided a fairness opinion to GoPro, Inc.

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