India, Sept. 1 -- Little-known US optical parts maker Starman Optical has agreed to buy action-camera company GoPro for $285 million in cash. The deal was announced on Tuesday. The deal is aimed at helping GoPro deal with its financial problems, including debt, rising memory chip prices and strong competition from Chinese companies.

Starman Optical is a privately held company that makes optical transceivers in the US. These parts are used in AI data centers to help networking equipment send data using light. Under the deal, Starman will own 90% of GoPro. Existing GoPro shareholders will own the remaining 10%. The companies said in a joint statement.

GoPro is mainly known for its action cameras and consumer products. The companies said t...