Opera Gets $1.2 Billion Buyout Offer

NicoleMotta on Wednesday February 10, 2016 at 12:00:50 PM

Opera Gets $1.2 Billion Buyout Offer

On Wednesday, Opera Software's board revealed that they recommend that shareholders accept a $1.2 billion offer.

Reports of the buyout offer started circulating earlier this week, with Opera confirming them on Tuesday night. The offer comes from Chinese Internet companies, Kunlun and Qihoo 360, backed by the investment funds Golden Brick and Yonglian. The consortium valued the browser maker at about 10.4 billion Norwegian kroner, or roughly $1.2 billion. This valuation is a 56 percent premium over the company's share price over the last 30 trading days. Following confirmation of the buyout offer, Opera's board announced that it is unanimously recommending that shareholders approve the takeover. "There is strong strategic and industrial logic to the acquisition of Opera by the Consortium," said Opera CEO Lars Boilesen in a statement on the matter. "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."

In other news, Opera launched its "Netflix-style" subscription service for premium Android apps this week. Dubbed the "Opera Apps Club," this new service gives users "an unlimited 'all you can download'" subscription offer, payable through operators’ billing systems." Opera Apps Club can be customized for each mobile operator, focusing on what users would download. "Since its inception, Opera Apps Club has been designed with high scalability in mind to accommodate future business growth," says Pedro Ripper, CEO of Bemobi, an Opera company. "Leveraging Opera's global footprint, we can deliver services that benefit end users, operators and app-developers, globally." Opera Apps Club is rolling out internationally following its limited availability in Brazil and Latin America.

Photo: © iStock.


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