Following months of speculation of a buyout, BlackBerry on Tuesday said it has signed a letter of intent with a consortium led by Fairfax Financial Holdings limited to buy the struggling Canadian smartphone maker for $ 4.7 billion.
BlackBerry has signed a letter of intent agreement (lOI) under which a consortium to be led by Fairfax Financial Holdings limited has offered to acquire the company subject to due diligence, it said in a statement. Fairfax already owns about 10 per cent of BlackBerry’s common shares.