Fairfax to take BlackBerry private

24 Sep 2013

Canadian handset maker BlackBerry has signed a provisional agreement to be bought out by a consortium led by its largest shareholder Fairfax Financial. The approximately USD4.7 billion purchase and delisting has been approved by BlackBerry’s board, although negotiations with other potential buyers are permitted until 4 November. Fairfax currently owns a roughly 10% stake in BlackBerry, which reportedly incurred an estimated second-quarter operating loss of close to USD1 billion, and recently announced it was reducing its workforce by 40%.

Canada, BlackBerry