Shanghai:601360

Opera completes repurchase of shares from 360

Retrieved on: 
Monday, October 17, 2022

OSLO, Norway, Oct. 17, 2022 /PRNewswire/ -- Opera Limited (NASDAQ: OPRA) ("Opera"), one of the world's major browser developers and a leading internet consumer brand, today announced that the share repurchase from its pre-IPO shareholder Qifei International Development Co. Ltd., a subsidiary of 360 Security Technology Inc. (601360:CH) (hereinafter, "360"), has closed.

Key Points: 
  • OSLO, Norway, Oct. 17, 2022 /PRNewswire/ -- Opera Limited (NASDAQ: OPRA) ("Opera"), one of the world's major browser developers and a leading internet consumer brand, today announced that the share repurchase from its pre-IPO shareholder Qifei International Development Co. Ltd., a subsidiary of 360 Security Technology Inc. (601360:CH) (hereinafter, "360"), has closed.
  • 360 has sold all its 46.75 million shares, the equivalent of 23.4 million ADSs or a 20.6% ownership stake in Opera, and is no longer a shareholder in Opera.
  • Opera will pay $128.6 million for the shares, or $5.50 on a per-ADS basis.
  • Opera's total outstanding shares is thereby reduced to an ADS equivalent of 89,761,299 as of today, with each outstanding share now representing 26% more ownership of Opera than it did before the transaction closed.

Opera and 360 agree on share repurchase, subject to 360's shareholder approval

Retrieved on: 
Friday, September 23, 2022

360 currently holds a 20.6% stake in Opera.

Key Points: 
  • 360 currently holds a 20.6% stake in Opera.
  • The purchase price is equal to $5.50 per ADS, as 360 holds 46.75 million ordinary shares of Opera, equivalent to 23.375 million ADSs.
  • The potential transaction is subject to the approval of 360's shareholders at a shareholder meeting scheduled for October 10, 2022.
  • The transaction is expected to close within 10 business days of shareholder approval.