Opera looks to be sold to Chinese consortium for $1.2 billion - CNET

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Norway-based Opera Software has received a $1.2 billion acquisition offer from a group of Chinese companies, and has indicated its intends to accept.

The company on Wednesday said its board is unanimously recommending shareholders approve the takeover, which will give the browser-maker a stronger push into China under new stewardship.

The Chinese consortium in question includes Chinese Inteet security company Qihoo 360, Inteet-firm Beijing Kunlun (who invested roughly $93 million into Grindr earlier in the year) and investment funds Golden Brick and Yonglian.

According to Opera, the $1.2 billion figure is a premium of approximately 56 per cent when compared to Opera's stock during the last 30 trading days.

Despite claiming 350 million users, the company's browser has struggled in the oversaturated weste market. China could be a profitable venture for Opera, thanks in part to Google's Chrome browser not coming preinstalled on Android phones there there like it is elsewhere, but doing business in the country without local partners is nigh impossible. Through the partnership, Opera will be able to leverage the networks of Kunlun and Qihoo 360 to better penetrate the Chinese market.