Blackberry in £2.9bn sale

Struggling smartphone maker BlackBerry said it has agreed to sell to a consortium led by its largest shareholder, Fairfax Financial Holdings, for $4.7 billion (£2.9 billion).

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BlackBerry lands $4.7 billion takeover deal

BlackBerry said it has signed a letter of intent with a group led by Fairfax Financial Holdings, the smartphone maker's largest shareholder, to be taken over.

The deal is worth $9 a share to BlackBerry shareholders, valuing the company at around $4.7 billion (£2.9 billion).

BlackBerry has agreed terms to a takeover deal worth around $4.7 billion. Credit: Nathan Denette/The Canadian Press/Press Association Images

The struggling firm said in a short statement that the consortium has six weeks to "conduct due diligence," during which BlackBerry can shop for other offers.

BlackBerry shares climbed 3.2% to $9.00 shortly after trading restarted.

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