Opera to sell internet-browser business to Chinese consortium

Norwegian web browser Opera Software has said that it would sell its internet browser business to a Chinese consortium, after a $1.2 billion bid for the entire company was ended on Monday after failing to obtain regulatory approvals,Wall Street Journal reports.

Opera said the original deal failed to obtain the required regulatory approvals by a July 15 deadline, but declined to specify of which country it lacked governmental approval.

The consortium, led by Kunlun Tech and the Chinese antivirus and search company Qihoo 360, will now buy Opera’s mobile and desktop browser, the Norwegian company s flagship products, as well as its performance and privacy apps, technology licensing outside of Opera TV and Opera’s 29.09 percent stake in Chinese joint venture Horizon in an alternative deal worth $600 million.

However, the consortium will no longer buy Opera's advertising and marketing business, its TV operations, nor its game-related apps.

Opera recently launched free mobile browsers with built-in advertisement blocking and a virtual private network feature. The company said its consumer products have 350 million monthly active users.