A group of Chinese companies, led by Internet security firm Qihoo 360 Technology, offered to acquire Norwegian company Opera Software ASA for a total of $1.2 billion on Wednesday. Opera Software produces Opera Web Browser, the sixth most popular browser in the world. Although Opera Web Browser only owns 5.5 percent market share worldwide, it is the top browser in Africa and other parts of the developing world.
The deal valued Opera Software at $8.31 per share, 53 percent higher than Opera’s share price last Thursday. Opera’s board of directors has recommended the deal to its shareholders.
The deal will give Kunlun and Qihoo access to Opera’s mobile advertising platform, Opera Mediaworks, where they can sell their products.
The group of Chinese buyers brings together financial sponsors like investment fund Golden Brick Silk Road Fund Management of China with trade buyers like Kunlun Technology Co and Qihoo 360 Technology.