Opera Software intends to accept a $1.2 billion acquisition offer from a group of Chinese companies
The Chinese consortium includes Internet security company Qihoo 360, Internet firm Beijing Kunlun (which invested roughly \\$93 million into Grindr earlier in the year) and investment group Golden Brick and Yonglian.
According to Opera, the \\$1.2 billion is a 56 percent premium over Opera's share price during the last 30 trading days.
Despite claiming 350 million users, the company's browser has struggled in the oversaturated Western market. China could be a profitable arena for Opera, in part because Google's Chrome browser does not come preinstalled on Android phones in China like it does elsewhere. In addition, doing business in China without local partners is nigh impossible, but Opera could leverage the networks of Kunlun and Qihoo 360 if the deal goes through.
"There is strong strategic and industrial logic to the acquisition of Opera by the consortium," Lars Boilesen, CEO of Opera, said in a statement. "We believe that the consortium, with its breadth of expertise and strong market position in emerging markets, will be a strong owner of Opera."