A group of Chinese investors have offered $1.2 billion to acquire Opera Software. The group includes Chinese Internet firms Kunlun and Qihoo, backed by two Chinese private equity funds.
Founded in Norway 20 years ago, the company features more than 350 million users who browse the web from its desktop and mobile software.
Opera debuted at a time when internet users were paying for browsers. Among its top competition at the time of release were Netscape Navigator, Mosaic, and the very first version of Microsoft’s Internet Explorer.
Years later Opera would face a crowded market from Safari, Firefox, and Chrome.
According to reports, Opera’s board supports the buyout, which represents a 56% premium over the company’s stock price in the last month.
Chinese investors are scrambling to diversify outside of their own country after the Chinese stock market collapsed. There are already 66 planned foreign acquisitions expected in 2016 — valued at $68 billion.