Opera To Buy Back $128.6 Mln Of Shares From 360

Opera Limited (OPRA) said on Friday that it has inked a deal with its pre-IPO shareholder Qifei International Development Co. Ltd., an arm of 360 Security Technology Inc., to acquire 360's entire shareholding in Opera for $128.6 million cash.

360 currently owns a 20.6 percent stake in the internet company. The acquisition price is equal to $5.50 per ADS, as 360 holds 46.75 million shares of Opera, equivalent to 23.375 million ADSs.

The proposed transaction is subject to the approval of 360's shareholders meeting to be held on October 10. The deal is projected to be completed within 10 business days after shareholders nod.

360's members on Opera's Board will resign upon the closing of the transaction.

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