BlackBerry hasn't had a great run in the recent times and
the company has been losing ground rather quickly. The last few quarters have
been rough for the once dominant Canadian tech company, and depleting market
share has resulted in its Board of Directors deciding to sell the company.
Ever since then, the company's board has been pushing for a
quick sale before the end of the year, and it looks like the firm has struck a
deal with a consortium led by Fairfax Financial Holdings Ltd. The deal totals
some $4.8 billion with each share valued at $9.
BlackBerry, the company known for manufacturing smartphones
for professionals has given the group a time frame of six weeks to conduct due
diligence and if things go alright, the final agreement is expected to be
signed on November 4.
In the meantime, BlackBerry will continue to look for
alternative offers, but according to the intent agreement, Fairfax group will
have all the rights to match the offers if any.
The Fairfax group, which currently owns a 10% stake in the
company, has several partners who have opted to remain anonymous until the
diligence is completed. Fairfax CEO Prem Watsa said that there are no strategic
players or other technology firms in the consortium.
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