Opera Software agrees partial sale after Chinese takeover misses deadline

18th Jul 2016 09:55

(ShareCast News) - Opera Software has agreed to sell its internet browser division after failing to win regulatory approval for a full takeover by a Chinese consortium.Norway-based and also traded over-the-counter in the US, Opera confirmed that it will instead offload its mobile browser business and technology licensing division for $600m.Chinese private-equity firm Golden Brick Capital Management and its consortium partners had made a bid in February for the entire group, which had valued Opera at 71 kroner per share.But on Monday news that the full takeover had not been given the regulatory green light before Friday's final deadline sent Opera's shares as low as 50 kroner."It was not a negative outcome: it was not concluded," Opera chairman Sverre Munck told reporters on a conference call.He declined to say whether regulatory approval by China, the United States's Committee on Foreign Investment, or both, had been lacking.