Bangalore: The Ontario-based Smartphone giant, Blackberry is being acquired by Fairfax group for $ 4.7 billion. The poor sales of its models and heavy competition from other market players like Android and Apple might have led Blackberry to such a decision. Blackberry Z10, the touchscreen phone from the manufacturer failed to make success adding to $1 billion loss for the manufacturer.

Sources said that the company has signed a letter of intent with Fairfax Financial Holdings Limited lead by billionaire, Prem Wasta. Wasta was a board member of Blackberry and holds 10 percent of its shares.

Wasta responded to the incident saying that “the sale will open an exciting new private chapter for BlackBerry, its customers, carriers and employees." “We can deliver immediate value to shareholders while we continue the execution of a long-term strategy in a private company." He added.

The company announced that it will be shedding off one third of its global workforce. The merging is expected to happen on November 4^th and Blackberry announced that its board supports the plan.
Read Also:
Prem Watsa, The Indian Behind BlackBerry's $4.7 Billion Buyout
Microsoft To Get $51 Million If Nokia Shareholders Reject Deal