BlackBerry Agrees $4.7bn Sale

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BlackBerry have agreed a provisional deal to sell it’s business for nearly $5billion.

A consortium led by Fairfax Financial Holdins – it’s largest shareholder – will pay $4.7billion for the struggling firm, who have dramatically fallen in the smartphone market in recent years.

Fairfax CEO and Chairman has spoken about the pending deal:

“We believe this transaction will open an exciting new private chapter for BlackBerry, its customers, carriers and employees.”

A $1billion cost-cutting exercise is reportedly due to take place over the next few months, resulting in 40% of it’s workforce being cut.

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