August 28, 2023
Private equity firm Veritas Capital is reportedly in talks to buy BlackBerry Ltd, according to a person familiar with the matter. The talks are ongoing and there is no guarantee that a deal will be reached, the person said.
If a deal is reached, it would mark the end of an era for BlackBerry, which was once a leading smartphone maker. The company has since pivoted to software and cybersecurity, but it has struggled to keep up with rivals like Apple and Google.
Veritas Capital is a technology investor that has a history of buying and turning around struggling companies. The firm is known for its long-term investment approach and its focus on operational improvement.
A buyout by Veritas Capital would give BlackBerry the resources it needs to invest in its software and cybersecurity businesses. It would also provide the company with a stable ownership structure, which could help it attract new customers and partners.
BlackBerry shares rose 17% on the news of the talks. The company’s market capitalization is currently about $3.1 billion.
The sources for this piece include an article in Reuters.
