BlackBerry has agreed to sell itself for $4.7 billion to a group led by largest shareholder, Fairfax.
BlackBerry said on Monday that a letter of intent has been signed and its shareholders will receive $9 in cash for each share.
Fairfax head Prem Watsa is a former board member who owns 10 per cent of BlackBerry.
Mr. Watsa stepped down when BlackBerry announced it was considering a sale last month.
Trading of the company’s stock was halted ahead of the news. BlackBerry shares plunged after the company announced on Friday a loss of nearly $1 billion and layoffs of 4,500 workers.