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September 23, 2013 10:09 pm GMT

BlackBerry Agrees to Be Acquired for $4.7 Billion

Blackberry

Fairfax Financial Holdings has agreed to acquire BlackBerry in a deal worth $4.7 billion, both companies announced Monday.

The Toronto-based financial holdings conglomerate has agreed to pay $9 per share for the beleaguered mobile company — a premium of about 9%. Shares of BlackBerry were trading at $8.23 per share before a freeze was initiated.

It's not a done deal yet: According to the terms of the agreement, Fairfax can walk away at any time. Fairfax already owns approximately 10% of BlackBerry common shares.

See also: 10 Must-Follow Breaking News Accounts on Twitter

News of the takeover comes two days after BlackBerry announced it was cutting 4,500 jobs — about 35% of its workforce — and taking a loss of nearly $1 billion in its second quarter Read more...

More about Blackberry, Business, Mobile, and Fairfax Financial Holdings

Original Link: http://feeds.mashable.com/~r/Mashable/~3/Fm_4-7Y3rXI/

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