Qihoo 360 is a Chinese internet security company known for its antivirus software (360 Safeguard, 360 Mobile Safe), web browser (360 Browsers), and mobile application store (360 Mobile Assistant). The company acquires the Norwegian browser maker Opera for $600 million
It started on February 10th, 2016 when a group of Chinese investors offered $1.2 billion ($8.31 per share) to buy Opera. At first, the $1.2 billion takeover deal didn't meet regulatory approval, so the two parties renegotiated.
Opera and the Chinese group then came up with an alternative deal worth $600 million which strips out some Opera's products and services in a bid to overcome regulatory hurdles.
On July 2016, Opera announced that it had sold its browser, privacy and performance apps division, its technology licensing business, as well as its stake in Chinese joint venture nHorizon and its name to Golden Brick Capital Private Equity Fund I Limited Partnership (a consortium of Chinese investors including Qihoo 360).
The transaction for sale was approved on October 31st, 2016 by the Committee on Foreign Investment in the United States.
The acquisition that is seen as one of the largest privatization in history of a U.S.-listed Chinese company, was completed on November 4th, 2016.