Curtains for Chinese Night at the Opera
A $1.24 billion takeover of Norwegian online browser and advertising company Opera by a Chinese consortium of internet firms has partly failed.
The consortium, which includes search and security business Qihoo 360 and Beijing Kunlun Tech , a distributor of online and mobile games, might try to take over parts of Opera’s consumer business for $600 million, Opera said in a statement.
Opera did not say why the deal failed other than its conditions to close the public offer were not met.
However the deal had needed the approval of Chinese and US authorities, but last week Opera warned that regulatory approval had yet to be received. it is not clear if it was the Chinese or US approval which was lacking.
The offer’s final deadline and the deadline for approval by the Committee on Foreign Investment in the United States were both Friday.
The Chinese consortium now plans to acquire Opera’s browser business, both for mobile phones and desktop computers, the performance and privacy apps section of the company as well as its technology licensing business and its stake in Chinese joint venture nHorizon, Opera said.
However it will not get its paws on Opera’s advertising and marketing business, its TV operations, nor the apps that are game-related.
“Closing of the transaction is expected to take place during the second half of the third quarter of 2016,” it said.
The revised deal has been approved by Opera’s board of directors, Opera said.