Struggling smartphone maker blackberry has plans to become a private company.
Today (Monday), the company announced an agreement with its largest shareholder, fairfax financial, to sell itself for 4-point-7 billion dollars.
Forbes magazine reports the two companies signed a letter of intent, but that blackberry can still shop around.
The deal comes after blackberry said it would lay off 40-percent of its employees by the end of the year.
the company will log a one billion loss for last quarter.
Fairfax already owns about a 10-percent stake in Blackberry.