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Monday, September 23, 2013

BlackBerry may have a deal

BlackBerry may have found a buyer in a consortium
led by Fairfax Financial, which has a letter of intent signed by BlackBerry
 to sell the company at $9 per share, or roughly $4.7 billion.
As reported by GigaOM: BlackBerry shares were halted on Monday afternoon for the second time within a week.

The company has signed a letter of intent to be purchased by a consortium that already owns stock equating to around 10 percent of BlackBerry. The potential buyer is “a consortium led by Fairfax Financial” according to the Wall Street Journal, with the deal valued at $4.7 billion.

Fairfax Financial will get six weeks for due diligence with an agreement expected on November 4, pending its review of the company, says The Globe and Mail.

The publication also reports that the consortium already has funding lined up for the deal. BlackBerry is still expected continue to re-focus efforts on the enterprise market instead of the consumer market where it never regained traction as iPhones and Android phones have grown sales at the expense of BlackBerry devices.