WASHINGTON — BlackBerry, scrambling to save itself from absolute insolvency and utter collapse, has agree to become a private company in a major sale.
Reuters reported that BlackBerry, which was once Canada’s crown jewel in technology, agreed to a $4.7 billion deal with Fairfax Financial Holdings. Fairfax led this group and is a property and casualty insurer.
BlackBerry tried to re-enter a crowded smartphones market and could not overcome Apple and Samsung’s hold in the industry. It quickly scrapped its smartphones, wrote them off as a major loss and looked for a buyer by this November.
BlackBerry also planned to cut jobs to cut costs.