Opera Limited (OPRA) Divests Nanobank

Opera Limited (Nasdaq: OPRA) ("Opera") announced that it had sold its 42.35% ownership interest in NanoCred Cayman Co. Limited ("Nanobank") to an undisclosed thirdparty buyer for $127.1 million in cash. Payment will be made in eight equal quarterly installments over the next two years with no contingencies. The transaction closed on March 22, 2022.

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 $110.6 million at the time, such that this divestment represents a gain realization of approximately $16.5 million for Opera.

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 $176.4 million at year-end 2021, and the present value of the $127.1 million sales price.

"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."

You May Also Be Interested In