Benzinga reported on February 5 that Norway-based Opera Software (OTC: OPESF) was a likely acquisition target and China-based Qihoo 360 Technology Co Ltd (NYSE: QIHU) could be a potential buyer.

Opera Software confirmed on Wednesday it has reached an agreement with a consortium of investors, including Qihoo 360, to sell itself in a deal valued at $1.2 billion.

Other notable members of the consortium include Beijing Kunlun Tech, a mobile-game maker.

Opera Software investors will receive a cash consideration of NOK 71.00 per share, representing a premium of approximately 53 percent to the closing price on February 4 - one day before rumors began to surface that the company could sell itself.

"The transaction would give Opera access to the extensive internet user base of Kunlun and Qihoo in China as well as the financing and other support of the Consortium that would allow for the full potential of the Company to be realized," Opera noted in its press release. "At the same time, Kunlun and Qihoo would be able to cross-sell their products and services to the Opera user base, and benefit from Opera's leading mobile advertising platform."

Shares of Qihoo 360 were trading higher by more than 1 percent at $69.59 late Wednesday morning. Opera's OTC shares were up more than 60 percent.

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