Blackberry to be acquired for $4.7 billion

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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.

 

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