On Friday, Blackberry announced 4,500 jobs cuts in a bid to stem losses. The Canadian company said it expected to make a loss of up to $1bn after poor sales of its new handsets. In August, Blackberry said it was evaluating a possible sale.
The struggling smartphone maker Blackberry has today agreed in principle to be bought by a consortium led by Fairfax Financial for $4.7bn (£3bn).
Blackberry said in statement that Fairfax, its largest shareholder with about 10% of the stock, had offered $9 a share in cash to buy the company.
Blackberry said it would continue to explore other options while negotiations with Fairfax continued.
Canadian billionaire Prem Watsa, Fairfax’s chairman and chief executive, said: “We believe this transaction will open an exciting new private chapter for Blackberry, its customers, carriers and employees.
“We can deliver immediate value to shareholders, while we continue the execution of a long-term strategy in a private company with a focus on delivering superior and secure enterprise solutions to Blackberry customers around the world.”
Source: [BBC News]
