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BlackBerry Agrees to Be Acquired for $4.7 Billion

Deepanker Verma September 24, 2013 Uncategorized

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Finally, BlackBerry got a buyer. Fairfax Financial Holdings is acquiring BlackBerry in a deal of $4.7 billion. Fairfax already owns the 10% share in BlackBerry.

In this deal, Fairfax has agreed to pay $9 per share. After this buyout, BlackBerry would become a private company. Fairfax is expected to finish the deal by November 4. According to terms of agreement, Fairfax can walkaway any time.

Last week company also announced to layout 40 percent of its work force and posted nearly $1 billion loss in second quarter.

BlackBerry had an amazing past. Once, it was worth more than $100 billion. 2007 was a great year for the company. After that it lost market when iPhone and Android attracted customers. Company has also faced problem with its BBM in many countries and it was forced to share BBM encryption key with governments. Earlier this year, company has launched its first full touch device Z10. But this device also failed to get customers. Now, company is struggling.

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About the Author: Deepanker Verma

Deepanker Verma is the Founder and Editor-in-Chief of TechloMedia. He holds Engineering degree in Computer Science and has over 15 years of experience in the technology sector. Deepanker bridges the gap between complex engineering and consumer electronics. He is also a a known Security Researcher acknowledged by global giants including Apple, Microsoft, and eBay. He uses his technical background to rigorously test gadgets, focusing on performance, security, and long-term value.