A Chinese consortium consisting of security software firm, Qihoo 360 Technology, online game company Beijing Kunlun and Yonglian Investment, has offered to buy out Opera Software for $1.2 billion, the company announced.
In a press statement, Opera's board said that it supported the offer and advised shareholders to do the same. It also said that shareholders with more than 33 per cent stake already intent to tender their shares. Members of the executive team and the Board holding shares have also entered into preacceptances to accept the offer with respect to their shareholdings in Opera.
Opera is known for its web browser, which is currently the 6th most used browser in the world and the 4th most popular mobile web browser (Opera Mini). In 2013, the company launched Opera Mediaworks, a mobile advertising and marketing platform.
According to financial filings for Q4'2015, the company reported $193.5 million in revenue, up 25 per cent over the previous year. Advertising revenue accounted for $145.4 million of total revenue with 60 per cent of ad revenue coming from mobile video.
Speaking about the offer, Lars Boilesen, CEO of Opera, said, “There is strong strategic and industrial logic to the acquisition of Opera by the consortium. We believe that the consortium, with its breadth of expertise and strong market position in emerging markets, will be a strong owner of Opera. The consortium’s ownership will strengthen Opera’s position to serve our users and partners with even greater innovation, and to accelerate our plans of expansion and growth.”