Opera CEO says no longer aiming for acquisitions or divestment
21/11/2016 14:14
OSLO, Nov 21 (Reuters) - Norway's Opera Software OPERA.OL
no longer plans to buy or sell companies and will instead stay
focused on developing its mobile advertising units after the
recent divestment of a key business, chief executive Lars
Boilesen told Reuters on Monday.
In charge since 2010, Boilesen initially expanded Opera's
business through a string of acquisitions before putting the
whole company up for sale in mid-2015, though in the end only
parts of the firm, the internet browser business and related
units, were sold.
The close to $600 million proceeds from divesting Opera's
consumer business, a transaction that was finalised in early
November, will not be used to buy more companies, Boilesen said.
The company is expected to use several hundred million
dollars on an extraordinary dividend and share buybacks.
"New acquisitions from our side are highly unlikely,"
Boilesen told Reuters. He also dismissed suggestions by some
analysts and investors that the mobile advertising business
could be sold shortly.
"We have just been through a very long and demanding
strategic process and I'm certain we won't launch another one
now. It is way too time consuming and disruptive... We are left
with a very exciting company I think a lot of things will
happen for us in 2017."
Skyfire, an online cloud-based service for operators of
mobile phone networks, one of Opera's last acquisitions, will
probably turn profitable in 2017, Boilesen added.
"I think it will happen pretty fast I am sure it will make
money already next year," he said.
(Reporting by Joachim Dagenborg, editing by Terje Solsvik)
((joachim.dagenborg@thomsonreuters.com; +47 233 16 592; Reuters
Messaging: joachim.dagenborg.thomsonreuters.com@reuters.net))
Keywords: OPERA SOFTWARE M&A/