Fairfax to buy BlackBerry for $4.7bn

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Struggling smartphone company BlackBerry has agreed to sell itself for $4.7bn to a group led by largest shareholder, Fairfax Financial Holdings Ltd. Blackberry recently announced a near $1bn loss and the lay-off of 4,500 workers. A letter of intent has been signed and BlackBerry shareholders will receive $9 in cash for each share.

(Source: AssociatedPress YouTube channel)

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