Chinese conglomerate snaps up Opera’s web browser for $600m
Norwegian company Opera has sold its internet business to a Chinese conglomerate headed by Qihoo 360.
Opera
Having previously had a $1.2bn sale of the entire company to the group blocked by regulators, Opera has sold on a quarter of its business leaving Opera Mediaworks, Opera Apps & Games and Opera TV.
The Chinese group has acquired the Opera branding and trademark leaving the remaining Norwegian entity 18 months to find a new name.
Lars Boilesen, chief executive of Opera, said: “We all tried very hard to close the public offer and are naturally disappointed that we were unsuccessful. However, we believe that the new deal is very good for Opera employees and Opera shareholders.”
The Opera board has accepted the takeover and the finalisation of the acquisition is again dependent on acceptance from competition regulators.