Blackberry Agrees to Buyout

Canadian smartphone manufacturer Blackberry has agreed to a $4.7 billion buyout by its largest shareholder.

The company announced in a statement Monday that it signed a letter of intent with Fairfax Financial Holdings Limited. Under the proposed deal, the Canadian holding company will pay Blackberry shareholders $9 a share.

On Friday, the struggling company announced quarterly losses of $1 billion, as well as plans to cut 40 percent of its workforce.

Blackberry virtually invented the …

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