Opera Limited acquires 20.6% of 360 Security Technology Shares of Inc

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  • Opera Limited offered $128.6 million in cash for the 46.75 million shares of common stock currently held by 360 Security Technology Inc. The common stock held by 360 Security Technology Inc. is worth 23,375,000 ADS, so the purchase price is $5.50 per ADS (American Depositary Share).

Officials of Opera Limited have reached an agreement with “Qifei International Development Co. Ltd., his pre-IPO shareholder, wholly-owned subsidiary of 360 Security Technology Inc.” to acquire all shares Did. The transaction is subject to the approval of 360’s shareholders at a shareholders’ meeting. The meeting is he scheduled for October 10, 2022.

Opera Limited develops the Opera web browser and other Internet consumer products. The Opera browser, the Opera brand name, and other browser-related assets were sold to a Chinese consortium for his $600 million in 2016.

Opera Software went public on NASDAQ in 2018. Opera stock is currently trading at $4.08.

By purchasing his 20%+ stake, Opera Limited will have more control over its own future if the deal goes through. Privacy advocates criticized Opera Limited in its first deal in 2016, fearing it would give the Chinese company too much control over Opera’s web browser and data.

360 Security Technology Inc. is a member of the Chinese consortium that purchased the Opera browser and name in 2016. Kunlun Tech Limited and Keeneyes Future Holding Inc continued to hold significant shares in Opera Limited in 2018.

We asked Opera about its current shareholder structure, particularly its relationship with other members of the Chinese consortium who purchased shares in the company prior to his IPO in 2018. It is unclear whether Opera Limited intends to buy back shares from other members of the consortium as well.

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