Opera Software, makers of the well-known alternative web browser Opera, has sold a selection of its business components to a Chinese consortium of technology companies.
The two sides had originally agreed to a total takeover valued at $1.24 billion although regulatory hurdles held the deal up past its initial deadline. As a fallback, the Chinese consortium has agreed to purchase Opera's desktop and mobile browser operations, its performance and privacy apps and its technology licensing business for $600 million.
The deal also includes Opera's 29 percent stake in Chinese joint venture nHorizon.
Opera will maintain its advertising and marketing businesses as well as its game-related apps and television operations.
As Bloomberg notes, Opera's share value fell as much as 17 percent on news of the failed-then-revived deal. That said, the remaining company still has room for growth as it has projected sales to increase by as much as 30 percent this year.
Opera said last week that the original deal still hadn't received government approval although it's unclear if that meant from Chinese authorities or the Committee on Foreign Investment in the US. For what it's worth, the deadline for approval by the Committee of Foreign Investment was last Friday.
The new deal has already been approved by Opera's board. If successful, the remaining Opera businesses would have 18 months to come up with a new name as the Opera name and trademark was also included in the sale.