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BlackBerry strikes Buyout Deal for $4.7 billion

WASHINGTON — BlackBerry, scrambling to save itself from absolute insolvency and utter collapse, has agree to become a private company in a major sale.

The Blackberry stand is pictured at the [1]Reuters reported [2] 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 [3] and could not overcome Apple and Samsung’s hold in the industry. It quickly scrapped its smartphones, wrote them off as a major loss [4] and looked for a buyer by this November [5].

BlackBerry also planned to cut jobs to cut costs.