Private equity firm Veritas makes a takeover offer for BlackBerry - source
Reuters
Published Aug 25, 2023 12:50
(Reuters) -Private equity firm Veritas Capital has made an offer to buy Canadian software company BlackBerry (NYSE:BB), according to a person familiar with the matter.
U.S-listed shares of BlackBerry rose about 17%.
Details of the offer could not be learned. Veritas and Blackberry (TSX:BB) did not immediately respond to Reuters requests for comment.
BlackBerry had said in May it would conduct a review of strategic alternatives, which could includes the possible separation of one or more of its businesses.
Founded in 1984, the company currently makes software for cars and cybersecurity. It became popular for its ubiquitous business smartphones, toted by executives, politicians and legions of fans in the early 2000s.
It pulled the plug on its smartphones business last year and has since been trying to sell its legacy patents related to its mobile devices.
In May, BlackBerry said it will continue with the previously announced sale of the patents related to its mobile devices to Malikie Innovations Limited for up to $900 million.
The move came after its prior deal to sell those patents to Catapult IP Innovations Inc for $600 million fell through as it took longer than usual to close.
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Written By: Reuters
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