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Browser maker strikes new $600m deal with Chinese consortium for its consumer assets.
The US$1.2 billion (€1.1 billion) takeover of browser maker Opera by a Chinese consortium fell through on Monday.
The parties have struck a new deal, worth $600 million, for just the company’s consumer assets instead.
Opera accepted the original offer in February. The buyers are a group of Chinese investors that includes security software maker Qihoo 360, value-added services (VaS) provider Kunlun Tech, and equity firm Golden Brick Silk Road Equity.
According to a stock exchange filing on Monday, Opera said the parties failed to secure regulatory approval before a self-imposed 15 July deadline, which the companies referred to as the ‘drop-dead date’.
"The offerer requested that Opera agree that the drop-dead date should not be extended. This request was accepted by Opera," Opera said. "The offer has thus lapsed. The Opera shareholders who have tendered their shares in the offer are released from their acceptance."
In a separate filing, Opera revealed that it has reached a new agreement to sell only its consumer assets to the consortium.
Under the new deal, worth $600 million, Opera will sell its mobile and desktop browsers, its Web performance and privacy apps and its intellectual property licensing division. It will also sell its 29.1% stake in nHorizon, a joint venture between Opera and Chinese phone distributor Telling Telecom. Together the companies developed a version of the Opera browser for the Chinese market.
Opera will hold onto its advertising platform Mediaworks, its smart TV unit Opera TV, its app store, and app discovery service Bemobi.
"Opera’s CEO, Lars Boilesen, will serve as CEO for both Opera and the consumer business until 31 December 2016. After this date, Lars will no longer hold the role as CEO for the Consumer Business, and will be solely dedicated to Opera," Opera said.
The new transaction is expected to close towards the end of the current quarter, subject to closing conditions and regulatory approval.
