Considering the company's shaky last four years, Blackberry is finally being sold... maybe. As previously speculated, Blackberry Ltd. will become a private company, following a buyout by Fairfax Financial holdings, a Toronto based firm. Currently, Fairfax already owns 10 percent of Blackberry shares.
Fairfax is set to purchase Blackberry for $4.7 billion (or approximately $9 per share). According to an Entrepreneur article, it's not a completely done deal yet.
Fairfax made the offer as head of a consortium of investors, which still needs to formally get financing. Fairfax has six weeks to perform due diligence on the company, during which time Blackberry could seek another buyer. There have been reports that former co-CEO Mike Lazaridis had been trying to line up partners for an offer.
The current offer is quite generous, considering that Blackberry's current market value is an estimated $4.3 billion. This is in stark comparison to its 2008 evaluation, which was estimated at $83 billion.
To the put the proposed dollar amount in perspective, ZDNet reported that Apple made more money this past weekend than Blackberry's worth - making anything between $4.9 and $5.23 billion from the recent iPhone releases.
Apple's sales figures kind of add insult to injury. Many technology journalists cite the iPhone as being responsible for Blackberry's downfall. It is a reminder of what happens to technology companies that cannot innovate fast enough.