Golden Brick to acquire non-TV parts of Opera's consumer business

OSLO — On 17 July 2016, Opera Software and Golden Brick Capital Private Equity Fund I L.P., which is backed by the affiliates of the partners of the Offeror (Kunlun Tech Limited, Future Holding L.P., Keeneyes Future Holding Inc, Qifei International Development Co. Limited and Golden Brick Capital Private Equity Fund I L.P.Beijing Kunlun Tech Co. Ltd., Qihoo 360 Software (Beijing) Co. Ltd., and Golden Brick Silk Road Fund Management (Shenzhen) LLP, collectively, the “Consortium”), have entered into a share purchase agreement for an alternative private transaction, in which the Consortium will acquire certain parts of Opera’s consumer business (the “Transaction”). The Transaction has been approved by Opera’s Board of Directors.

The following business units of Opera will be included in the Transaction:

• Mobile Browser, including Operator Co-brand solutions
• Desktop Browser
• Performance and Privacy Apps
• Opera’s technology licensing business outside of Opera TV
• Opera’s 29.09% ownership in the Chinese joint venture nHorizon

The Consumer Business will be reorganized into a separate company structure. For clarity, the following businesses are not included in the Consumer Business or the Transaction:

• Opera Mediaworks
• Opera Apps & Games (including Bemobi)
• Opera TV

All related assets, employees, rights, and obligations, as well as support teams such as OEM and online distribution, consumer marketing and PR, as well as certain related legal, finance and HR resources are also included (collectively, the “Consumer Business”).

Opera’s CEO, Lars Boilesen, will serve as CEO for both Opera and the Consumer Business until 31 December 2016. After this date, Lars will no longer hold the role as CEO for the Consumer Business, and will be solely dedicated to Opera.

Transaction highlights

The purchase price for the Consumer Business is USD 600 million on an enterprise value basis, subject to customary adjustments for NIBD and working capital at closing.

Closing of the Transaction is expected to take place during the second half of 3Q 2016.