Blackberry has agreed to be sold to Fairfax Financial Holdings for US$4.7 billion.
Fairfax, which already owns around 10 percent of BlackBerry, will pay US$9 per share for Blackberry, and take the company private. However, the deal is not done yet as Fairfax can walk away any time under the terms of the agreement.
“Unless Fairfax plans to radically change or accelerate BlackBerry’s strategy, it’s unlikely to be able to turn the company around. And that means we’re likely seeing the beginning of the end for one of the most iconic brands in mobile technology,” said Jan Dawson, Chief Telecoms Analyst of Ovum.
It’s a sad day for the mobile industry as Blackberry was a star in its heydays — and that was not too long ago.
Just a few days ago, Blackberry announced plans to cut 4,500 jobs and take a loss of US$1 billion in Q2.