Well-known browser manufacturer Opera Limited recently announced that it plans to buy back all of its shares from 360 in an all-cash transaction. Opera Limited will receive a 20.6% stake in 360 once the deal is concluded.

In the announcement, Opera Limited stated that it will repurchase at a price of $5.50 per American depositary share. Since 360 ​​currently holds 46.75 million shares of Opera common stock, equivalent to 23.375 million shares of American depositary shares, the amount of this transaction reached $128 million.

While Opera Limited has reached an agreement with 360 for the share repurchase, the transaction is subject to 360’s shareholder approval, with a general meeting scheduled for October 10, 2022, and the transaction is expected to take place within 10 working days of shareholder approval Finish.

In 2016, a Chinese consortium led by Kunlun Wanwei and Qihoo 360 offered $600 million for the Opera browser, the Opera brand name and other browser-related assets, but the deal did not include Opera’s advertising, games and other assets. TV department. Following the acquisition, Opera was listed on the Nasdaq stock exchange in 2018, and Opera’s stock price is currently around $4.28.

Qihoo 360 is only one of the members of the Chinese consortium that bought Opera in 2016, and the announcement only mentioned 360. It is unclear whether Opera Limited also intends to buy back shares from other members of the consortium.

If the transaction is successful, more than 20% of the stock will allow Opera Limited to have more say within the company. Judging from the stock price in the past few days after the announcement, the market is still very optimistic about the stock repurchase plan.