Despite the newest smartphones being generally well received, BlackBerry’s financial troubles have proved too much.
The Canadian company which announced 4,500 jobs cuts on Friday has agreed in principle to be bought by a consortium led by Fairfax Financial for $4.7bn (£3bn).
The new handsets have been generally well received but sales have not been anywhere near enough to revive the fortunes of the company which is expected to make a loss of up to $1bn.
BlackBerry said iit was not in exclusive talks with Fairfax and would continue to “actively solicit, receive, evaluate and potentially enter into negotiations” with other potential buyers while final negotiations continued on the present deal.
Canadian billionaire Prem Watsa, Fairfax’s chairman and chief executive, said: “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.”
Blackberry shares, which fell 17 per cent on Friday after its jobs cut announcement, rose just over 1 per cent on Monday.
Via: BBC