Chinese group's $1.2 billion takeover of Opera falls through, new deal in place

A Chinese consortium of internet companies has failed to acquire Opera over lack of regulatory approval, according to Reuters. The Norwegian software maker has renegotiated with the consortium for the sale of its browser business for $600 million.

The consortium made a $1.2 billion bid to fully acquire Opera in February, and the move was approved by its shareholders in the month of May. With the deal falling through at the regulatory level, Opera is now selling its desktop and mobile browser business. The Chinese group comprised of mobile game distributor Kunlun and security firm Qihoo, along with investment funds Golden Brick and Yonglian.