Troubled BlackBerry smartphone maker is for sale.
In recent weeks, private equity firm Fairfax Holdings said it wants to buy BlackBerry for $US4.7 billion. BlackBerry agreed, but now it looks like Fairfax may not be able to get the cash it needs to take BlackBerry private.
Meanwhile, other companies like Samsung, Intel, Cisco, and SAP are reportedly sniffing around BlackBerry, and it’s possible it could be broken up and sold in chunks.
The latest development: BlackBerry’s co-founders Mike Lazaridis and Doug Fregin are thinking about buying the company back and taking it private. The revelation comes from an SEC filing that says Lazaridis and Fregin might join together and buy BlackBerry.
Right now, the two own 8% of BlackBerry’s shares. Now Lazaridis and Fregin might scoop up the remaining shares they don’t own. The SEC filing says BlackBerry’s board has formed a special committee that would help Lazaridis and Fregin buy the rest of the company’s shares. Goldman Sachs and Centerview Partners will also help with the transaction, according to the filing.
Long story short: Despite Fairfax’s $US4.7 billion bid, the deal is far from done. Meanwhile other companies and BlackBerry’s own cofounders are thinking about swooping in. Lazaridis and Fregin or Fairfax Holdings would likely buy the entire company. The other option is for several companies to come in a buy chunks of BlackBerry like its enterprise business and patents.