BlackBerry Ltd. (TSX:BB) says it has signed a deal to be bought by a consortium led by its largest shareholder in a deal valued at U$4.7 billion.
The consortium led by Fairfax Financial Holdings. Ltd. (TSX:FFH) has offered US$9 per share in cash for the smartphone maker.
Under the deal, the consortium would all acquire of the outstanding shares of BlackBerry not held by Fairfax, which owns approximately a 10 per cent in the company.
The BlackBerry board of directors has approved the terms of the letter of agreement.
BlackBerry shares were down 60 cents at C$8.48 on the Toronto Stock Exchange shortly before a trading halt on North American markets.
Trading on public markets is set to resume at 2 p.m. ET.