Selling up: BlackBerry reveals $4.7 billion takeover deal

After months of speculation, Canadian mobile giant BlackBerry has announced it is to sell up, entering into a letter of intent with a consortium led by Fairfax Financial Holdings.

The buyout will cost Fairfax which already owns a 10 percent stake in BlackBerry - $4.7 billion, coming in at $9 per share.

The move has already been approved by the firm's board of directors, with the buyout set to transform BlackBerry from a public company into a private one.

Going private

"We believe this transaction will open an exciting new private chapter for BlackBerry, its customers, carriers and employees," detailed Fairfax chairman and CEO Prem Watsa .

"We can deliver immediate value to shareholders, while we continue the execution of a long-term strategy in a private company with a focus on delivering superior and secure enterprise solutions to BlackBerry customers around the world."

The deal isn't the buyout that's been hinted at rumours suggesting Lenovo was interested in making a move but rather will enable BlackBerry to keep its financial results private as it attempts to tame its current woes.

It's perfectly possible that another buyer a technology company or rival OEM could yet acquire what's left of BlackBerry once the Fairfax deal has gone through.

Last week saw BlackBerry announce the culling of 4,500 jobs and the announcement of a quarterly loss expected to range between $950 and $995 million.

The company also revealed its pulling away from the consumer market, narrowing the number of handsets it offers in order to re-focus on enterprise.