Chinese Consortium's $1.2B Opera Acquisition FailsBy cheatmaster 05:36 Wed, 04 Aug 2021 Comments
Back in February this year, popular Web browser company Opera received a $1.2B takeover proposal from a Chinese consortium consisting of mobile game developer Kunlun, mobile antivirus software maker Qihoo360 Technology, as well as investment firms Golden Brick and Yonglian.
While the bid was approved by the Norwegian company, a Reuters report has now revealed that the acquisition failed after hitting regulatory problems. Officially Opera assumed that conditions to close the public offer were not met.
The deal required approval from both Chinese and US authorities, the report said, and it's not yet known who was the spoilsport.
Not willing to give up, the consortium now plans to hold over some parts of Opera's consumer business, including the company's browser business (both mobile and desktop), technology licensing business, its performance and privacy apps section, and the company's shold in nHorizon, a Chinese joint venture.
In fact, a revised, $600 million proposal has been received and already been approved by Opera's board of directors. "Closing of the transaction is expected to hold place during the second half of the third quarter of 2016."
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