Opera Divests Nanobank
Opera Limited (Nasdaq: OPRA) announced the sale of its 42.35% stake in NanoCred Cayman Co. Limited (Nanobank) for $127.1 million. The payment will occur in eight quarterly installments over two years. This divestment, completed on March 22, 2022, results in a gain of approximately $16.5 million for Opera, compared to the $110.6 million carrying value when it acquired the stake in August 2020. Although the company will record a net loss based on the investment's carrying amount of $176.4 million at year-end 2021, CFO Frode Jacobsen stated this focuses the firm on its core business.
- Realized a gain of approximately $16.5 million from the sale of Nanobank.
- The transaction allows Opera to focus on its core business operations.
- Recorded a net loss based on the difference between the carrying amount of investment and sales price.
OSLO, Norway, March 22, 2022 /PRNewswire/ -- Opera Limited (Nasdaq: OPRA) ("Opera") announced that it had sold its
The purchaser is a private equity investor with strong tech and consumer fintech experience.
Opera obtained its ownership in Nanobank in August 2020 in exchange for contributing its emerging market fintech business to the newly established company. Opera's contributions, including cash and outstanding microloans, had a carrying value of
The transaction will result in a recorded net loss equal to the difference between Opera's unaudited carrying amount of its investment in Nanobank of
"The sale of Nanobank allows Opera and its management team to remain fully focused on our core business," said CFO Frode Jacobsen. "In addition to our strong trajectory of both revenue growth and margin expansion, we are excited about our continuing product innovations and the tailwind provided by long-term secular trends as we move toward an increasingly digital future."
About Opera
Opera is a global web innovator with an engaged and growing base of hundreds of millions of monthly active users who seek a better internet experience. Building on over 25 years of innovation that started with browser products, Opera is now leveraging its brand and highly engaged user base in order to expand its business into new segments. Today, Opera offers users around the world a range of products and services that include PC and mobile browsers, the newsreader Opera News, and apps dedicated to gaming, e-commerce and classifieds. Opera is headquartered in Oslo, Norway and listed on the NASDAQ stock exchange (OPRA).
Learn more about Opera at www.investor.opera.com or on Twitter @InvestorOpera.
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SOURCE Opera Limited
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