Otello Corporation ASA

M&A Activity • Nov 6, 2017

Opera divests SurfEasy business

Opera divests SurfEasy business

Oslo, 6 November 2017

Opera Software ASA ("Opera" or the "Company") entered 6 November 2017 into an

agreement to sell its SurfEasy business to Symantec Corporation (NASDAQ: SYMC)

("Symantec"), the world's leading cyber security company (the "Transaction").

Closing of the Transaction took place simultaneously with the entering into of

the agreement and all conditions for completion have therefore been fulfilled.

SurfEasy, one of Opera's four subsidiaries, is an online privacy and security

company providing easy-to-use desktop and mobile VPN solutions to help consumers

protect their online privacy and security.

Lars Boilesen, CEO of Opera, said, "We are pleased with the growth and success

that SurfEasy has made during our ownership period. We believe Symantec is the

right buyer for this business, as they have been a key customer and are very

familiar with the business and organization. We are very pleased with the

divestment of SurfEasy, and believe it emphasizes our strategy of developing our

subsidiaries and creating shareholder value."

Transaction and financial highlights:

· The Transaction values SurfEasy to an enterprise value of USD 38.5m

· The Transaction has customary net working capital and net debt adjustment

mechanisms

· Purchase price consists of an all cash consideration, of which 85% is paid

to Opera at closing. The remaining 15% will be held in escrow for up to 15

months

· SurfEasy will be excluded from Opera's financials as of 6 November 2017

Carnegie acted as financial advisor to Opera in relation to the Transaction.

Hogan Lovells acted as legal advisor to Opera in relation to the Transaction.

For further information, please contact:

Petter Lade, CFO

Tel: +47 911 43 878

About Opera:

Opera holds shares in several different businesses, including AdColony which

helps publishers monetize their content through advertising and advertisers

reach the audiences that build value for their businesses, capitalizing on a

global consumer audience reach that exceeds 2 billion; Opera Apps and

Games(Bemobi); "Performance & Privacy" (Skyfire and Surfeasy); and Opera TV.

About Symantec:

Symantec Corporation (NASDAQ: SYMC), the world's leading cyber security company,

helps organizations, governments and people secure their most important data

wherever it lives. Organizations across the world look to Symantec for

strategic, integrated solutions to defend against sophisticated attacks across

endpoints, cloud and infrastructure. Likewise, a global community of more than

50 million people and families rely on Symantec's Norton and LifeLock product

suites to protect their digital lives at home and across their devices. Symantec

operates one of the world's largest civilian cyber intelligence networks,

allowing it to see and protect against the most advanced threats.