Flash: BlackBerry Acquired By Fairfax Financial In $4.7 Billion Deal

BlackBerry Ltd. (BBRY) said Monday that it has signed a letter of intent with a consortium led by Fairfax Financial Holdings Ltd. to take the smartphone maker private in a deal worth $9 per share.

The deal would total about $4.7 billion in value, as the consortium would acquire all the BlackBerry shares that Fairfax does not own for $9 per share.

Fairfax currently owns about 10% of the company’s shares.

In a statement, BlackBerry said the consortium has six weeks to conduct due diligence, during which BlackBerry can continue to shop for other deals. The consortium is seeking financing for the deal from BofA Merrill Lynch and BMO Capital Markets.
BlackBerry shares were down more than 5% to $8.23 before the stock was halted on Monday, by the company on Friday.

Market Watch

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