Chinese Tech Group Led By Qihoo 360 Bids $1.2B For Browser Maker Opera



There’s been plenty of speculation around the future of browser maker Opera, and now that looks like it will soon be resolved. Today the Norway-headquartered company confirmed that it has received a $1.2 billion acquisition offer from a group fronted by Chinese consumer tech companies Kunlun Tech and Qihoo 360.

The deal is for 100 percent of the company, and it presents a 53 percent premium on the company’s valuation based on its most recent trading price. Opera’s board said in a statement (PDF) that it has “unanimously decided to recommend” its shareholders to accept the bid.

As for the purchasers: Billion dollar Internet security firm Qihoo, which also runs a browser of its own, had been linked with a deal for Opera in recent weeks, while Kunlun Tech recently gained global visibility when it snapped up a majority 60 percent share in gay dating service Grindr.

Opera, which claims a userbase of 350 million on mobile and desktop devices, said last year that it was exploring a sale after missing financial targets. Acquisition rumors ramped when Opera postponed its planned earnings release this week. Now that this acquisition offer is out in the public domain, Opera will hold its Q4 2015 earnings call today at 07:30am CET — there’s plenty to discuss.

More to follow



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