GoPro is looking for takeover candidate

The American GoPro is reportedly working on putting the company in the shop window for a possible takeover candidate. It was previously announced that GoPro will stop making drones due to, among other things, the fierce competition.

CNBC reports citing various sources that GoPro has hired investment bank JP Morgan Chase to look for a buyer, although it is not yet certain that the shares will actually be sold. GoPro declined to comment.

On Monday, GoPro president Nick Woodman announced that he was considering partnering with another company or selling his company. According to the director, it will probably have to be a larger company, so that GoPro has the opportunity to grow further. He does want his company to be able to continue to operate independently in the event of a possible collaboration or takeover.

At the presentation of the quarterly figures, it was already announced that GoPro will stop making drones. The fierce competition in the consumer drone market and increasingly strict regulations could pose a threat to the company in the coming years.

The company also reported that an additional 20 percent of its employees will be laid off, after which the company’s share price fell by 19 percent. TechCrunch recently reported that there will be 200 to 300 layoffs at GoPro’s drone division. In recent years, the company has already carried out several reorganisations.