BlackBerry Receives Investment of U.S. $1 Billion from Fairfax Financial and Other Institutional Investors
John S. Chen to be Appointed Executive Chair of BlackBerry’s Board of Directors and Interim CEO; Prem Watsa to be Appointed Lead Director Company Concludes Review of Strategic Alternatives and Announces Changes to Board and Leadership Team
WATERLOO, ONTARIO and TORONTO, ONTARIO–(Marketwired – Nov 4, 2013) - BlackBerry (BBRY)(BB.TO), a world leader in the mobile communications market, today announced that it has entered into an agreement pursuant to which Fairfax Financial Holdings Limited (“Fairfax”) and other institutional investors (collectively, the “Purchasers”) will invest in BlackBerry through a U.S. $1 billion private placement of convertible debentures. Fairfax has agreed to acquire U.S. $250 million principal amount of the Debentures. The transaction is expected to be completed within the next two weeks.
Full article: http://bgr.com/2013/...dies-heins-out/
Sad really that the company is only worth $1B.
EDIT: edited the title after really reading the full article. Seems the full purchase deal fell through. Sorry about that.