BlackBerry just officially filed a letter of intent with a Canadian holding company called Fairfax Financial, which could possibly lead to it being bought out under private ownership.
Blackberry also halted trading of their shares, right after announcing massive layoffs and that it was retreating from the consumer market. The deal is valued around $4.7 billion.
The company intends to focus on the enterprise market instead of the consumer base, with Fairfax CEO Prem Watsa stating that it will allow BlackBerry to “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.”
If this goes through, Blackberry will go private under the ownership of Fairfax’s but the board can also choose to receive other offers as well, as long as they are made before November 4th.
And so ends Blackberry.
[button color=”gray” link=”http://www.marketwired.com/press-release/blackberry-enters-into-letter-of-intent-with-consortium-led-by-fairfax-financial-nasdaq-bbry-1833682.htm” target=”_blank” font=”georgia” align=”left”]Blackberry[/button]