Blackberry announced Monday that it would become a private company after reaching a deal with Fairfax Financial Holdings for $4.7 billion dollars. The New York Times reports that BlackBerry entered into this agreement through a special committee that evaluated strategic options for the firm.
Although this deal still needs to undergo the traditional approval process, Fairfax Financial Holdings will become the primary owner. BlackBerry shareholders will receive 9$ a share but the question still remains if the company can survive against the incredible competition Apple, Samsung and Google provides.
The BlackBerry Z10 was meant as the primary competition for the iPhone. The device wasn't reviewed well which already adding more struggles to the faltering firm. BlackBerry cut 4,500 jobs on Friday so this negotiation could be a blessing they desperately need. With the shift towards enterprise solutions, the legacy of BlackBerry where once having one of those phones symbolized a position of power still looks dark. However, they may have received the support they need no matter how brief it could be.