A consortium of Chinese companies are looking to buy the popular web browser Opera in a deal which is worth $1.2 billion.
The companies include two Chinese technology firms, Kunlun Tech and Qihoo 360 and also an investment firm.
The $1.2 billion offer is for the whole company and it is a 53 percent premium on Opera’s current value, the company has recommended to its shareholders that the deal is accepted.
The transaction would give Opera access to the extensive internet user base of Kunlun and Qihoo in China as well as the financing and other support of the Consortium that would allow for the full potential of the Company to be realized. At the same time, Kunlun and Qihoo would be able to cross-sell their products and services to the Opera user base, and benefit from Opera’s leading mobile advertising platform.
The deal will need to be approved by the various regulators and of course the company’s existing shareholders.