QIHU Qihoo 360 Technology Co. Ltd. American Depositary Shares, Every 2 of Which Representing Three Class A Ordinary Shares

A consortium of Chinese investors including security software firm Qihoo 360 Technology Co. has agreed to pay $1.2 billion to buy Norwegian browser maker Opera Software ASA.

The consortium offered 71 Norwegian krone per share for Oslo-based Opera Software, representing a premium of about 56% compared with the volume-weighted average share price for the last trading month, the two companies said in a joint statement Wednesday. Opera Software's shares have been suspended on the Oslo Stock Exchange since Friday.

The deal comes as Qihoo 360 is in the process of delisting from New York after agreeing to a buyout by a consortium including its chairman for $9 billion in December.

Opera Software, known for its series of Opera Web browsers, said it expects revenues of $690 million to $740 million this year, compared with $616 million in 2015.

Members of the Chinese consortium also include private-equity firm Golden Brick Silk Road Fund Management (Shenzhen) LLP, Beijing Kunlun Tech Co., and Yonglian (Yinchuan) Investment Co.

Opera Software's board has recommended shareholders accept the offer. Major shareholders holding a combined 33% of Opera Software's shares plan to accept the offer, the company said.

The deal is the latest in a wave of outbound acquisitions by Chinese companies this year amid China's slowing economy and falling currency. Chinese firms have made more than $60 billion worth of takeover offers in 2016, including China National Chemical Corp., known as ChemChina, which recently agreed to pay $43 billion to buy Swiss pesticide maker Syngenta AG.

Opera Software was set up in 1994 as a research project within Norway's biggest telecom provider, Telenor ASA. Opera is the world's sixth-biggest online browser with a market share of about 5.7% in the fourth quarter, according to Statfinder.

Morgan Stanley advised Opera Software and Citigroup Inc. advised the Chinese consortium.

Write to Rick Carew at rick.carew@wsj.com and Kjetil Malkenes Hovland at kjetilmalkenes.hovland@wsj.com

(END) Dow Jones Newswires

February 10, 2016 03:35 ET (08:35 GMT)

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