BlackBerry enters into agreement for $4.7 billion sale

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For the second time in as many days, shares of BlackBerry were halted pending some rather big news from the company. The news in question is that BlackBerry has announced that it has signed a letter of intent agreement for the sale of BlackBerry, valued at $4.7 billion. The sale is a consortium led by Fairfax Financial (who just happens to be the biggest shareholder in the company). Pending the usual due diligence, the sale is expected to be completed by November 4th and would see BlackBerry going private, with each shareholder receiving $9 per share.

In a statement, Fairfax Chairman and CEO, Prem Watsa said, “we believe this transaction will open an exciting new private chapter for BlackBerry, its customers, carriers and employees,” adding, “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 – Engadget

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