BlackBerry to be bought by Prem Watsa-led Fairfax group for $4.7 billion

Canadian firm Fairfax signed a letter of intent with Ontario based Blackberry making an offer to acquire the pioneering mobile maker.
BlackBerry was once a leader in mobile tech but has been squeezed by rivals Android and Apple, which coincidentally announced record sales of its latest iPhone.
Fairfax Financial Holdings Limited is headed by billionaire Prem Watsa. The firm is already BlackBerry’s largest shareholder with approximately 10% of its shares.

About Prem Watsa:

Prem Watsa is the founder, chairman, and chief executive of Fairfax Financial Holdings, based in Toronto, Ontario. He was born in Hyderabad, India. He has been called the “Canadian Warren Buffett” by some during successful periods of investing. He is a CFA charterholder, an alumnus of the Hyderabad Public School, Begumpet,a graduate of the Indian Institute of Technology with a degree in Chemical Engineering and a holder of an MBA from the Richard Ivey School of Business of the University of Western Ontario.

Month: Current Affairs - September, 2013