Opera Software to sell internet-browser operations to Chinese consortium

People visit the stand of Qihoo 360 during the 2015 Appliance and Electronics World Expo in Shanghai, Mar 13, 2015.[Photo/IC]

Norwegian web browser Opera Software ASA said on Monday that it would sell its internet-browser business to a Chinese consortium, Wall Street Journal reported.

The Chinese consortium, led by Kunlun Tech and the Chinese antivirus and search company Qihoo 360, previously had a deal to bid for the entire Norwegian company with a $1.2 billion bid.

However, the bid was terminated Monday after failing to obtain regulatory approvals, according to Opera, declined to specify of which country it lacked governmental approval.

The group will now buy some of the businesses from Opera for $600 million, including its internet browsers, apps such as Performance and Privacy, some technical permissions except Opera TV, and 29.09 percent of the share of a joint venture nHorizon.

The Chinese group is led by Golden Brick Silk Road Fund Management of China, its Yonglian Investment, and Kunlun Tech and Qihoo 360.