Chinese consortium's $1.24 billion bid to acquire Opera Software fails, $600 million deal agreed instead

On the same day Japan's SoftBank announced that it is acquiring ARM for €29 billion, an agreed $1.24 billion takeover of Norwegian online browser and advertising company Opera Software by a Chinese consortium of Internet firms has fallen through (via Reuters).

Opera says the conditions to close the public cash offer were not met by the drop-dead date of 15 July 2016, without entering into details.

Instead, the consortium will acquire only certain parts of Opera's consumer business, including its mobile and desktop browsers, for $600 million on an enterprise value basis.

What will not be acquired by the consortium is: Opera Mediaworks, Apps & Games and Opera TV. In 2015, Opera says these business units combined delivered revenues of $467 million.

The company will report second-quarter results on August 31, 2016.

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