2023 Author: Gordon Kinson | [email protected]. Last modified: 2023-11-26 08:36
It looks like the Canadian tech giant's agonies are coming to an end - the company announced an upcoming deal to sell all Blackberry assets to Fairfax Financial, an investment consortium for $ 4.7 billion.
Some 5-7 years ago, BlackBerry was the leading smartphone manufacturer in the world, covering almost the entire business segment. In 2007, few people could have imagined that Apple with its iPhones would be able to seriously compete with Canadians, and certainly no one could have imagined that the "apple" company would sell 9 million smartphones in three days, while BlackBerry shares would cost less than 10 dollars apiece. By the way, BlackBerry sharesin recent years have been so unstable that trading in them on the Canadian stock exchange was closed twice in a few days. However, the information about the deal had a positive effect on the company's securities price - it grew from $ 8.23 to $ 9.08 per share (it is at this price that Fairfax Financial will buy them out from shareholders).
Consortium chief Prem Watts said:
Actually, the information that the Canadian company is looking for a buyer appeared in August this year - the desperate attempts of the management to get out of the financial quagmire, obviously, had only negative consequences. Apparently, BlackBerry 's death throes were the release of the five-inch Z30 smartphone, which went almost unnoticed amid Apple's high-profile releases. Actually, the fact that Fairfax Financial will become the buyer did not surprise anyone - the consortium is the main shareholder of the Canadian company, with a 10% portfolio and is, in fact, the only serious player interested in saving BlackBerry.
As for the deal itself, it should be completed on November 4, during the remaining time BlackBerry may find another buyer. However, this is in theory, but in practice, hardly anyone will pay 4.7 billion dollars for a dying company, which, moreover, will be burdened with forfeit and damaged relations with the main shareholder Fairfax Financial. The head of the tech giant, Thorsten Haynes, has not yet commented on the situation.
- BlackBerry has another problem - the company is preparing to leave the stock exchange.
- BlackBerry's success is impressive, but the company is still operating at a loss.
- The Canadian government is concerned about the fate of the BlackBerry.
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