Ailing BlackBerry agrees to $5.9 billion buyout
OTTAWA (AFP) - Tech pioneer BlackBerry made a last roll of the dice on Monday and agreed to a probable US$4.7 billion (S$5.9 billion) buyout by a consortium planning to take the struggling smartphone maker private.
BlackBerry was once a leader in mobile tech but has been squeezed by rivals Android and Apple, which coincidentally announced record sales of its latest iPhone on Monday.
The Ontario-based company said it had signed a letter of intent with a group led by Fairfax Financial Holdings Limited, which has offered to acquire the company.
Fairfax, a Canadian firm headed by billionaire Prem Watsa, is already BlackBerry's largest shareholder with approximately 10 per cent of its shares.