The embattled smartphone maker BlackBerry announced today it has a $4.7 billion sale offer from Fairfax Financial to take the company private.
Fairfax has signed a letter of intent to buy BlackBerry for $9 a share. The buyout firm already owns 10 percent of the company, BlackBerry said in a statement.
“We believe this transaction will open an exciting new private chapter for BlackBerry, its customers, carriers and employees,” Prem Watsa, chairman and CEO of Fairfax, said in a statement. “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.”