BlackBerry’s special committee was fishing out for “strategic alternatives” and they’ve indeed found one with a consortium led by Fairfax Financial. In a letter of intent (LOI), Fairfax Financial Consortium has agreed to acquire the company subject to due diligence. Fairfax Financial that holds approximately 10 percent of shares will acquire the remaining shares for $9 per share in cash, a deal valued at $4.7 billion and take the company private after fulfilling conditions and customary regulatory approvals.
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.
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