Chinese Opera acquisition fails, new deal struck

A Chinese consortium of internet companies wanted to buy the Norwegian Opera business, but the deal failed, Reuters reported on Monday. According to the report, it failed because certain regulatory approvals were missing. The deal needed approvals from regulatory agencies in both China and the United States, but the report failed to go into details whose approval lacked.

The deal, which was worth $1.24 billion (£930m), should have seen the entirety of Opera's business (browser, advertising, TV, apps, games) go over to the Chinese consortium comprising of search and security business Qihoo 360 Technology Co, and online and mobile game distributor Beijing Kunlun Tech Co.

Instead, a new deal was struck – Opera's consumer business will be sold for $600 million (£452m).

Now, the consortium wants to get its hands on the browser business, both for mobiles and PCs, performance and privacy apps, as well as technology licensing business. Opera also said the consortium wants a stake at the Chinese joing venture nHorizon.

Advertising, TV and game apps is not something the consortium will be looking to acquire, it was reported.

"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.

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