Private equity firm Veritas offers to takeover BlackBerry—source

A private equity firm has made an offer to takeover BlackBerry, persons familiar with the matter said.

File photo: BlackBerry KEY2 and KEY2 LE from 2019

Still no details available regarding the offer

Citing a source familiar with the matter, Reuters said in a report that private equity firm Veritas Capital has made an offer to buy BlackBerry Ltd months after the Canadian technology company began a strategic review.

There are still no details available about the offer. Both companies also did not immediately respond to Reuters when sought for comment.

Bloomberg News reported the deal offer on Friday.

BlackBerry operates two primary businesses - one focused on cybersecurity software, and the other makes "Internet-of-Things" products. Veritas Capital is a technology investor that primarily buys and invests in companies that provide government-focused tools and services.

According to the source, Veritas has made an offer for the entire company, but BlackBerry is also in talks with other potential buyers.

BlackBerry said in May it would look into strategic options for its businesses, which could include possibly separating one or more of its businesses.

It currently manufactures software for cars and cybersecurity.

In the early 2000s, it became popular for its business smartphones. The company closed this down last year and has since been trying to sell its patents related to its mobile devices.

BlackBerry said it would push through with the sale of the patents related to its mobile devices to Malikie Innovations Limited for up to USD 900 million (around PHP 51 billion). An earlier deal with Catapult IP Innovations Inc. for USD 600 million (around PHP 34 billion) failed as it took longer than usual to close.

The company said in 2016 said it would stop manufacturing its classic smartphones. Since then, it has been attempting to remake itself as a provider of high-end software.

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Via: Reuters