Group of Chinese Internet firms to acquire Opera Software for $1.2 billion

Norwegian online advertising and browser software company Opera has received an acquisition offer from a consortium of Chinese Internet firms and investors, it announced this morning.

Kunlun and Qihoo 360, backed by the investment funds Golden Brick and Yonglian, have offerd $1.2 billion for 100% the publicly listed company, with Opera's board recommending the deal.

The $1.2 billion offer is a 53% premium on Opera's close as of February 4 on the Oslo stock exchange.

According to a press statement, 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 group.

Also, Kunlun and Qihoo would be able to cross-sell their products and services to the Opera user base, and benefit from Opera's growing mobile advertising platform.