Fairfax to acquire BlackBerry

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

 

After the announcement of Nokia's buy out by Microsoft, another shocking revelation about BlackBerry's acquisition has been made. As per the latest update, BlackBerry has agreed to a buyout by a consortium of investors who is further planning to take the struggling Canadian handset maker private.

If reports are to be believed, the deal is going to close for $4.7 billion.

It is worth noticing here that Fairfax is a Canadian firm headed by an India billionaire Prem Watsa. Fairfax is already BlackBerry's largest shareholder with approximately 10 percent of its shares. Watsa resigned from BlackBerry's board in August 2013.

Watsa said that the sale will open an exciting new private chapter for BlackBerry, its customers, carriers and employees.  He can deliver immediate value to shareholders while Fairfax continue the execution of a long-term strategy in a private company." 

According to Paul Rivett, spokesperson from Fairfax, "We need to be careful given disclosure constraints, but we can say that we are focused on a strong Canadian solution”. Spokesperson from BlackBerry said that its board supports the plan.......See More