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The Fairfax group is buying BlackBerry for $4.7 billion

25 September 2013
Tags: BlackBerry

Everyone knew this was bound to happen. Over the last few years, BlackBerry was slowly but surely losing ground, and despite all efforts to turn the ship around, it now looks like it's all over for them.

The Fairfax group is buying BlackBerry for $4.7 billion

Due to recent depleting market share, the company's Board of Directors decided to sell the company, and it seems like a deal has already been made with a consortium led by Fairfax Financial Holdings Ltd. With each share valued at $9, the buyout totals some $4.8 billion.

Sources tell us that the final agreement will be signed on November 4, but in the meantime BlackBerry will continue to look for alternative offers. Also, according to the preliminary agreement, Fairfax group reserves its right to match any pssible offers.

The Fairfax group already owns 10% stake in the Canadian tech company, and has a number of partners who have chosen to remain anonymous. According to Fairfax CEO Prem Watsa, there are no strategic manufacturers or other technology firms in the consortium.

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