Private equity firm Veritas makes takeover offer for BlackBerry, source says

Private equity firm Veritas makes takeover offer for BlackBerry, source says

Private equity firm Veritas Capital has made an offer to acquire BlackBerry Ltd (BB.TO), according to a person familiar with the matter. This comes after months of strategic review by the Canadian technology company. The offer details have not been disclosed, and both Veritas and BlackBerry have not responded to requests for comment from RushHourDaily. The source mentioned that Veritas has made an offer for the entire company, while BlackBerry is also in talks with other potential buyers.

Following the news, the U.S-listed shares of BlackBerry rose about 17% and closed at $5.23, resulting in a market capitalization of $3.1 billion.

In May, BlackBerry announced that it would consider strategic options for its portfolio of businesses, including the possible separation of one or more of its businesses. The company, founded in 1984, currently focuses on software for cars and cybersecurity. It gained popularity in the early 2000s for its business smartphones. However, it discontinued its smartphones business last year and has been trying to sell its legacy patents related to mobile devices.

BlackBerry had previously announced the sale of its mobile device patents to Malikie Innovations Limited for up to $900 million. However, a prior deal with Catapult IP Innovations Inc for $600 million fell through. The company has shifted its focus to becoming a provider of high-end software since discontinuing its classic smartphones in 2016.

BlackBerry operates two primary businesses: one focused on cybersecurity software and the other on “Internet-of-Things” products. Veritas Capital, the potential buyer, specializes in investing in companies that provide government-focused tools and services.

Morgan Stanley and Perella Weinberg Partners are serving as financial advisors to BlackBerry for the strategic review. Bloomberg News reported the talks between Veritas and BlackBerry earlier on Friday.

In conclusion, private equity firm Veritas Capital has made an offer to acquire BlackBerry, which is currently considering strategic options for its businesses. The company, known for its business smartphones, has shifted its focus to software and is in talks with potential buyers.

About News Team

Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

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