Opera Software ASA, the makers of the Opera web browser, is about to be acquired after having received a NOK 10.5 billion ($1.2 billion) takeover offer from a consortium of Chinese companies.

The offer, from investment funds Golden Brick Silk Road Fund Management, Yonglian Investment Co. Ltd., mobile game developer Kunlun, and security firm Qihoo 360 Software, values Opera’s shares at NOK 71.00 ($8.28) per share, a 53 percent premium on their closing price a of February 4 on the Oslo Stock Exchange.

In a statement the Opera board has recommended that shareholders accept the takeover offer, and larger shareholders representing 33 per cent of the Opera shares outstanding have already undertaken to accept the takeover.

Justification for the deal (the money aside) was explained as follows:

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 Consortium that would allow for the full potential of the Company to be realized. At the same time, Kunlun and Qihoo would be able to cross-sell their products and services to the Opera user base, and benefit from Opera’s leading mobile advertising platform.

“There is strong strategic and industrial logic to the acquisition of Opera by the Consortium. We believe that the Consortium, with its breadth of expertise and strong market position in emerging markets, will be a strong owner of Opera,” Opera’s Chief Executive Officer Lars Boilesen said separately. “The Consortium’s ownership will strengthen Opera’s position to serve our users and partners with even greater innovation, and to accelerate our plans of expansion and growth.”

Comeback kid

While many would first and foremost consider Opera to have been a bit of a failure, particularly given despite a big push years ago its desktop browser never really took off, surprisingly shrewd management and a focus on mobile has seen the Opera that goes into this deal become a significantly different company and one that is profitable at that.

Opera’s Mini mobile browser has found a solid footing in developing markets, having some 270 million users as of 2015, and complete with a complimentary mobile advertising platform will deliver the Chinese consortium a ripe company well placed to cater for the never ending march of mobile platform growth.

The acquisition now waits for shareholder and regulatory approval.

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