Opera has sold its browser, associated apps, and its name to a Chinese consortium for a final sale figure in excess of $600 million USD.
Opera – the company behind the famous Opera Mini browser, as well as Opera Max compression software – as sold its browser business, associated apps and even its name to a Chinese consortium named Qihoo 360.
Qihoo 360, a security firm, has purchased Opera’s assets for a sum of $600 million USD, while Opera will retain its consumer division. Most prominently, the latter company will retain its Apps & Games as well as its TV offering.
The company has so far not opted to disclose what will happen to its 1,109 employees, and has just 18 months to find a new name.
The news comes after the company’s long bid to sell itself. Earlier this year, the firm attempted to sell its main assets for over $1200 million USD in a transaction that later failed.
The company has reported that a majority of its revenue – most recently reported at $616 million USD – comes from its consumer arm, upon which the newly named company will focus on.
Current CEO Lars Boilesen commented on the acquisition, noting his belief that the deal “is very good for Opera employees and shareholders”.
Boilesen will take charge of the company under a new name. The deal, however, is still subject to regulatory approval before it becomes official.
Qihoo 360’s plans for the company’s browser business and apps are presently unknown. Most recently, NetMarketShares revealed that the firm’s famous ‘Mini’ client was the fifth most popular internet browser in the world.
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