Oslo, Norway, March 22, 2022 /PRNewswire/ — Opera Limited (Nasdaq: OPRA) (“Opera”) announced that it has sold its 42.35% stake in NanoCred Cayman Co. Limited (“Nanobank”) to an undisclosed third-party buyer for $127.1 million in liquid. Payment will be made in eight equal quarterly installments over the next two years, with no contingencies. The transaction was closed on March 22, 2022.
The buyer is a private equity investor with a strong background in technology and consumer fintech.
Opera obtained its stake in Nanobank in August 2020 in exchange for contributing its emerging markets fintech business to the newly created company. Opera’s contributions, including cash and outstanding microloans, had a book value of $110.6 million at the time, so that this disposal represents a realized capital gain of approximately $16.5 million for Opera.
The transaction will result in a recorded net loss equal to the difference between Opera’s unaudited book value of its investment in Nanobank of $176.4 million at the end of 2021, and the present value of the $127.1 million selling price.
“The sale of Nanobank allows Opera and its management team to remain fully focused on our core business,” the CFO said. Frode Jacobsen. “In addition to our strong trajectory of revenue growth and margin expansion, we are excited about our continued product innovations and the tailwind provided by long-term secular trends as we head into an increasingly more digital.”
Opera is a global web innovator with a committed and growing base of hundreds of millions of monthly active users who seek a better Internet experience. Building on more than 25 years of innovation that began with navigation products, Opera is now leveraging its brand and highly engaged user base to expand into new segments. Today, Opera offers users around the world a range of products and services including desktop and mobile browsers, the Opera News newsreader, and dedicated gaming, e-commerce, and classifieds applications. Opera is headquartered in Oslo, Norway and listed on the NASDAQ stock exchange (OPRA).
Find out more about Opera on www.investor.opera.com or on Twitter @InvestorOpera.
SOURCE Opera Limited