December 20, 2016 / 7:13 AM / 7 months ago

BRIEF-Opera Software sells majority stake in its TV business to Moore Freres

2 Min Read

Dec 20 (Reuters) - Opera Software Asa

* Entered Dec 19 into an agreement to sell a majority stake in its tv business ("Opera TV") to Moore Frères

* The transaction values Opera TV to an enterprise value of $114.3 mln

* Opera will remain as a minority shareholder in Opera TV by rolling over a part of its equity stake

* The purchase price consists of a cash consideration of $80m and preferred shares equivalent to 30 percent of Opera TV's common equity

* The Transaction will not trigger taxation for Opera

* Software

* Closing of the Transaction took place simultaneously with the entering into of the agreement and all conditions for completion have therefore been fulfilled, including the payment of the cash consideration of $80m

* Opera TV has operated as a separate business unit since 2013, and reported 2015 revenue of $31.4m and $20.3m for the first nine months of 2016, reported adjusted EBITDA for thefirst 9 months of 2016 was $9.0m

* Opera targets a net cash/debt position of zero and will use proceeds from this transaction to pay out an extraordinary dividend in connection with opera's 2017 agm Source text for Eikon: Further company coverage: (Reporting By Stine Jacobsen)

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