The BlackBerry, which is facing a turbulent time after the postponement of its BBM global roll out, has confirmed the sale to Fairfax for $4.7 billion. The Toronto-based Fairfax Financial Holdings was trying to acquire BlackBerry aggressively. The deal was finally clinched, bringing great relief to both sides.
Support Independent Journalism? Keep us live.
Fairfax currently owns approximately 10% of Blackberry common shares. A firm deal between the two, will be signed by November 2013. The official statement from BlackBerry said, “The company has signed a letter of intent agreement under which a consortium to be led by Fairfax Financial Holdings Limited has offered to acquire the company subject to due diligence.”
Only last week, BlackBerry had decided to lay off 40% of their employees globally. The company had been struggling for a long time after failing to cope up with the competition in the smartphone market. The much-awaited BBM would be rolled out soon to be available free of cost on Google Play Store and Apple Store.
Comments are closed.