BlackBerry, the once dominant smartphone maker, announced Monday that it will be sold to its largest shareholder, Canadian firm Fairfax Financial, in a deal worth about $4.7 billion.
Shareholders will receive $9 per share, according to the public statement, a slight premium on the stock’s $8.23 price when trading was halted Monday afternoon.
Fairfax, which owns 10% of BlackBerry, agreed to purchase the company after a period of due diligence that is expected to end by Nov. 4. BlackBerry can accept a better offer in the meantime.
BlackBerry announced on Friday that it was planning to cut 4,500 jobs in the face of nearly $1 billion in expected losses.