Veritas Capital bids for BlackBerry takeover; deal under strategic review
Private equity company Veritas Capital has submitted a takeover bid for Canadian technology company BlackBerryy Ltd, which is currently undergoing a strategic review. BlackBerry is also in discussions with other potential buyers, though details of the offers have not been disclosed. The company, once known for its popular smartphones, now focuses on software for cybersecurity and cars, operating two main businesses in these sectors.
BlackBerry's legacy patents fetch $900 million
BlackBerry is trying to sell off its legacy patents related to mobile devices since discontinuing its smartphone business. A previous deal to sell these patents to Catapult IP Innovations for $600 million fell through due to an extended closing time. BlackBerry is now moving forward with the sale of these patents to Malikie Innovations Limited for a sum of up to $900 million.
Morgan Stanley guiding BlackBerry's strategic review
Perella Weinberg Partners and Morgan Stanley are serving as financial advisors to BlackBerry during the strategic review process. Their role includes assisting the company in evaluating potential deals and guiding it through the decision-making procedure.
BlackBerry's future might see potential business separation
Veritas Capital is a tech investor that primarily acquires and invests in companies providing government-focused tools and services. BlackBerry's strategic review could result in the partition of one or more of its businesses, depending on the outcome of negotiations with potential buyers like Veritas and others.
