Opera Software is selling parts of its business to a Chinese consortium for $600m after a $1.2bn full takeover failed to secure regulatory approvals in time.
The original agreement failed to secure the required regulatory approvals by the July 15 deadline. Opera did not disclose any other details and declined to specify the government that rejected the takeover bid.
The consortium of Chinese companies, led by private equity firm Golden Brick Capital Management, will now acquire Opera’s mobile and desktop browsers, its technology licensing, performance and privacy apps.
Opera has also agreed to sell a stake in Chinese web browser developer nHorizon to the consortium, which includes Qihoo 360 Technology, Beijing Kunlun Tech and Yonglian Investment.
The Norwegian firm will keep businesses such as applications and games.
The closing of the revised agreement is anticipated to take place during the third quarter of this year.
Headquartered in Oslo, Opera has been in the business of making web browsers since 1994.
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The company also delivers products and services to more than 120 operators globally, allowing them to provide a faster network experience to their subscribers.
Opera and its associated firms have offices in over 25 locations across the world.
Opera started a review of its options in August 2015 after receiving interest from several parties. The company unveiled the planned full takeover in February this year.
