Blackberry agrees €3.48bn sale
on 23/09/2013 19:54:09
BlackBerry said a letter of intent has been signed and its shareholders will receive 9 dollars in cash for each share.
Fairfax head Prem Watsa is a former board member who owns 10% of BlackBerry. Mr Watsa stepped down when BlackBerry announced it was considering a sale last month.
The billionaire is one of Canada's best-known value investors.
Trading of the company's stock was halted ahead of the news. BlackBerry shares plunged on Friday after the company announced a loss of nearly a billion dollars and layoffs of 4,500 workers.
The BlackBerry, pioneered in 1999, was once the dominant smartphone for on-the-go business people and other consumers before Apple's iPhone debuted in 2007.