BlackBerry says considering selling itself
Washington/New Delhi: Canadian smartphone maker BlackBerry is considering selling itself.
Board of Directors of BlackBerry has formed a special committee to explore strategic alternatives, including selling itself, to increase business of its latest technology platform, BlackBerry 10, according to a statement by the firm.
Q5, its latest product on BlackBerry 10-- the operating system-- was launched in India last month. The other models on this platform are Q10 and Z10.
"The alternatives could include, among others, possible joint ventures, strategic partnerships or alliances, a sale of the company or other possible transactions," BlackBerry said in the statement.
With the announcement of the special committee, Chairman and CEO of Fairfax Financial- the firm which holds maximum share in BlackBerry, Prem Watsa has resigned from the board "due to potential conflicts that may arise during the process".
Watsa, however, added that "Fairfax Financial has no current intention of selling its shares".
The special committee of the Board is comprised Barbara Stymiest, Thorsten Heins, Richard Lynch and Bert Nordberg, and will be chaired by Timothy Dattels.
JP Morgan Securities LLC is serving as financial advisor to BlackBerry and Skadden, Arps, Slate, Meagher & Flom LLP and Torys LLP are serving as legal advisors.