Report: Xiaomi looking to buy GoPro; DJI turned down pitch

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Chinese electronics company Xiaomi is looking to purchase GoPro, which has sent the action camera maker’s stock soaring, according to reports.

The Information has reported that Xiaomi may offer up to $1 billion for the embattled action camera company. According to The Information:

Chinese electronics maker Xiaomi has weighed whether to make an offer but doesn’t want to overpay, according to a person familiar with the matter.

Chinese drone maker DJI was pitched by bankers on GoPro several months ago but didn’t pursue a deal because it saw no value in the company, said a person familiar with the matter. DJI declined to comment.

The report comes just months after GoPro CEO Nick Woodman announced more layoffs and effectively put the company up for sale.

Once valued at more than $10 billion, GoPro is now valued at around $795 million.