BlackBerry has struck a deal which will see its largest shareholder, Fairfax Financial, pay $4.7 billion (£2.9 billion) to take the mobile maker private. Fairfax is leading a consortium of buyers that has been circling since the company revealed it was up for sale in August.
While the deal has been agreed, BlackBerry has said it will continue to look at other options while it finalises its plans with Fairfax.
The move comes just days after BlackBerry confirmed it would post a massive $1 billion loss for the current quarter, while also laying off 4,500 staff, 40% of its workforce.
The company’s disastrous year comes after the failed launches of its Z10 ands Q10 smartphones. While both were critically lauded, neither caught on with the public.
BlackBerry CEO Thorsten Heins has said in the past that US networks should carry some of the blame for not promoting new BlackBerry devices over older iOS and Android handsets.