BlackBerry Gets Sold

blackberry-gets-sold

Picture courtesy of Engadget.

BlackBerry, the phone company that once made phones used by executives around the world is going to get sold by a private group let by Fairfax Financials for $4.7 billion. 

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.

The company announced that they’ve entered into a six weeks due dillegence period after which BlackBerry would be owned by Fairfax Financials. In this due dillegence period, BlackBerry can legally listen to other offers and even accept them, if they get more lucrative offers, provided if BlackBerry pays the termination fee. Due dillgence is scheduled to be completed by November 4, 2013.

In a press release, BlackBerry has annouced that their shareholdes would receive $9 per share in cash.
Who would’ve thought that the company that made smartphones that were considered as a symbol of social status, would be sold in almost half the price of Nokia.

I guess it’s a better news than the rumors of BlackBerry shutting off its operations completely. BlackBerry owners can now breathe in peace.

Read the whole press release by BlackBerry here.

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