Moore Frères & Company has bought Opera TV from Opera Software ASA for its over-the-top (OTT) video streaming software. The deal marks the first acquisition for the buyer.
OperaTV develops cloud-based software for streaming video over the Internet. The software allows devices connected to a smart television, Blu-ray disc player, video game console, or a set-top box to access video from content providers. Sales for smart televisions and internet connected set-top boxes are expected to increase sharply, enabling a $62 billion OTT industry by 2020, according to a study by RnR Market Research. Consumer electronics companies are among Opera TV’s major clients, including: Sony Corp (NYSE: SNE), Samsung Electronics Co., TiVo Corp. (Nasdaq: TIVO), Verizon Communications (NYSE: VZ) and Sagemcom. As part of the deal, Opera Software will maintain a minority stake in the target.
Moore Frères is a New York-based investment holding company focused on making acquisitions across the global technology, media and telecommunications (TMT) industry. The buyer was formed in 2014 by TMT investors and business leaders with previous industry experience with Viacom Inc. Moore Frères investment approach targeted to offer financial and investor advice with limited involvement in daily operational matters, while also providing industry insights.
The demand for streaming and mobile technology has become increasingly robust as millennials have shifted how they consume content. Recent mobile and streaming deals include: DTS Inc.’s purchasing of smart phone app developer All In Media; 21st Century Fox Inc.’s deal to acquire Sky Plc for $14.6 billion; Qualcomm Inc.’s (Nasdaq: QCOM) $47 billion agreement to purchase NXP Semiconductors NV (Nasdaq: NXPI) to expand beyond the smartphone market; Twitter’s (NYSE: TWTR) acquiring Magic Pony Technology to improve video and image quality in tweets; and AT&T Inc.’s (NYSE: T) purchase of video content company Quickplay Media Inc. from Madison Dearborn Partners for the company’s Internet video streaming service.
Willkie Farr & Gallagher LLP served as legal counsel to Moore Frères and BDO USA LLP served as financial adviser. Carnegie Investment Bank served as financial adviser to Opera Software.