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.