11:45 25th Sep, 2013
BlackBerry Finally Falls; To Be Sold For $4.7 Billion | TechTree.com
BlackBerry Finally Falls; To Be Sold For $4.7 Billion
Ailing handset maker finally calls it a day, lapped up by a business consortium.
As hapless BBM addicts wait with baited breath for BlackBerry to get them connected to their friends through the platform of their choice, the ailing Canadian manufacturer has finally fallen. Despite rolling out new devices - the Z10, Q10, and the Z30, on a new platform (BB10), the excercise did little to turn the tide in the company's favour. The setup has been picked by a business consortium led by Canada-based Fairfax Financial. The deal is being touted at $4.7 billion. This, as reported by the Guardian, comes amidst news of handing over pink slips to 4500 employees of BB, which constitutes around 40% of its global workforce, after reported loses of up to $1 billion, owing to poor handset sale.
In its official press statement, the company has said that the consortium, headed by Fairfax Financial (which holds 10% of BB shares), will buy shares from holders at $9 per share, which brings the figure to $4.7 billion. The entire operation is slated to conclude by 4th November (which is the end of the "Diligence Period"). In this window period, the final transaction is expected to conclude.
How can there not be an Indian connect to any BB story? Well, the company's saviour is said to be Industrialist Prem Watsa, who is dubbed as 'Canada's Warren Buffett'. Originally a part of Fairfax, he joined BlackBerry's Board of Directions, only to quit the company as plans to bail it out started taking shape. Details are scant at the moment, so watch this space for more.
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