BlackBerry aims to go private in $4.7bn deal with Fairfax Financial group

blackberry

BlackBerry, the once-dominant maker of smartphones that fell on hard times in recent years, has found a suitor willing to pay $4.7bn for the troubled company.

Fairfax Financial, a Canadian firm that already owns 10% of BlackBerry, has agreed to join forced with an unnamed consortium of other buyers to acquire the company for $9 a share.

The move would take BlackBerry private, removing it from a public listing on Nasdaq, where stocks have fallen from a high of $148 in June 2008 and now languish at about $8 a share. On the announcement, BlackBerry stock rose a modest 2% to $8.85 a share, giving the company a market value of $4.65bn.

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