BlackBerry Receives Investment of U.S. $1 Billion - CEO Thorsten Heins resigns

by Volker Weber


WATERLOO, ONTARIO and TORONTO, ONTARIO--(Marketwired - Nov. 4, 2013) - BlackBerry today announced that it has entered into an agreement pursuant to which Fairfax Financial Holdings Limited ("Fairfax") and other institutional investors (collectively, the "Purchasers") will invest in BlackBerry through a U.S. $1 billion private placement of convertible debentures.

Thorsten Heins and David Kerr intend to resign from the Board at closing. In addition, Mr. Heins will step down as Chief Executive Officer at closing and Mr. Chen will serve as Interim Chief Executive Officer pending completion of a search for a new Chief Executive Officer.

In other words: nobody was interested in buying BlackBerry. And Fairfax was unable to raise enough money from investors.

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At least one bidder was not approved by the Canadian government.

Richard van Geilswyk, 2013-11-05

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