It was announced on Monday that the mobile phone manufacturer, Blackberry, will be purchased by Fairfax Financial Holdings for $4.7 billion (~£3 billion). Fairfax Financial will be paying $9 (£5.60) per share.
The acquisition comes following news that Blackberry is expected to make a $1 billion (£620,000) loss in Q2 of this year. Blackberry have also announced that over 4,000 staff, around 40% of their workforce, will be laid off. What’s more they also had to sell their private jets.
Shares in Blackberry were frozen yesterday at $8.23 (£5.13) after the news of their operating loss.
This leaves the billion dollar question – what’s next for Blackberry?