24 Sep 2013

BlackBerry agrees to $4.7 billion buyout

The end in site of former Tech pioneer BlackBerry has come as the company has agreed to a probable $4.7 billion buyout by a consortium planning to take the struggling smartphone maker private.

BlackBerry was once a leader in mobile tech but has been squeezed by rivals Android and Apple, which coincidentally announced record sales of its latest iPhone on Monday.

The Ontario-based company said it had signed a letter of intent with a group led by Fairfax Financial Holdings Limited, which has offered to acquire the company.

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