This week’s buyout of the week is the widely reported take private of Canada’s smartphone maker BlackBerry. The USD4.7 billion deal was led by its biggest shareholder, which is the property and casualty insurer Fairfax Financial Holdings Ltd, reports Reuters.
It was a club deal but the other buyers were not named. Other bids may come in before the November 4 deadline.
Prem Watsa, Chairman and CEO of Fairfax, said in a statement, issued by BlackBerry, “We believe this transaction will open an exciting new private chapter for BlackBerry, its customers, carriers and employees.
We can deliver immediate value to shareholders, while we continue the execution of a long-term strategy in a private company with a focus on delivering superior and secure enterprise solutions to BlackBerry customers around the world.”