The first Canadian big firm which previously signified interest of buying BlackBerry and making it private, the Fairfax Financial has now backed out with the plan. Instead, the company gives a US $1 billion as investment along with other institutional investors.
"Fairfax is a long-time supporter, investor and partner to BlackBerry and, with this investment, reinforces its deep commitment to the future success of this company," said Prem Watsa, Chairman and CEO of Fairfax.
With this development, this simply means, BlackBerry will continue operates like what it is now.
For the past days, big companies, private and government organizations from different parts of the world recently signed contracts with BlackBerry and supplied their respective employees with BB 10 smartphones, as they are very confident of the security that BlackBerry is giving them.
Aside from BB's $2.3 billion in cash based on their last quarter balance sheet, the company will also be taking back taxes as a refund, previously paid to the Canadian government which could amount to another $1 billion.
Selling out the company? With all these, forget it now. :)
This might be bad to some but this might be good or even great to the company and its loyalists. Thorsten Heins has stepped down as CEO and the position is now taken over by John Chen, a former Sybase CEO who made the company one of the most profitable business in the world of databases etcetera.
Thanks to Thorsten though and big welcome to John. I see that seriousness in John which I think could help BlackBerry bring back its glory. To know more about John, click here.
|Image Credit: CrackBerry.com|