Fairfax ups investment in troubled BlackBerry

Jan 08, 2014 by Rob Gillies

Fairfax Financial Holdings is buying another $250 million of convertible debt in troubled Blackberry in what Fairfax's president says is a sign of confidence in the company's new management.

Fairfax, BlackBerry's largest shareholder, led an that injected $1 billion into the company last fall.

The insurance and investment firm invested $250 million as part of that initial deal, which gave it an option to make an extra $250 million investment before a Monday deadline.

Fairfax President Paul Rivett told The Associated Press his firm believes the market is only just beginning to see the true potential of BlackBerry under new CEO John Chen and the team he has assembled.

The BlackBerry was once the dominant smartphone before the debut of iPhone and phones running Google's Android software.

Explore further: Cerberus interested in BlackBerry

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Cerberus interested in BlackBerry

Oct 02, 2013

Private equity firm Cerberus is interested in taking a look at BlackBerry's books as a prelude to a possible bid for the troubled smartphone company.

Qatari fund invests in BlackBerry

Nov 08, 2013

A Qatari sovereign wealth fund was among a small group of investors who recently contributed $1 billion to Canadian smartphone maker BlackBerry, US securities filings showed Friday.

Fairfax says it won't abandon BlackBerry bid

Sep 26, 2013

The head of Fairfax Financial Holdings Ltd. said Wednesday he has every intention of completing the acquisition of BlackBerry, despite doubts that the $4.7 billion deal for the troubled smartphone maker will ...

Recommended for you

Ex-Apple chief plans mobile phone for India

18 hours ago

Former Apple chief executive John Sculley, whose marketing skills helped bring the personal computer to desktops worldwide, says he plans to launch a mobile phone in India to exploit its still largely untapped ...

Airbnb rental site raises $450 mn

Apr 19, 2014

Online lodging listings website Airbnb inked a $450 million funding deal with investors led by TPG, a source close to the matter said Friday.

US venture investments highest since 2001 (Update)

Apr 18, 2014

Funding for U.S. startup companies soared 57 percent in the first quarter to a level not seen since 2001, as venture capitalists piled more money into a growing number of deals, according to a report due out Friday.

User comments : 0

More news stories

Hackers of Oman news agency target Bouteflika

Hackers on Sunday targeted the website of Oman's official news agency, singling out and mocking Algeria's newly re-elected president Abdelaziz Bouteflika as a handicapped "dictator".

Ex-Apple chief plans mobile phone for India

Former Apple chief executive John Sculley, whose marketing skills helped bring the personal computer to desktops worldwide, says he plans to launch a mobile phone in India to exploit its still largely untapped ...

Cancer stem cells linked to drug resistance

Most drugs used to treat lung, breast and pancreatic cancers also promote drug-resistance and ultimately spur tumor growth. Researchers at the University of California, San Diego School of Medicine have discovered ...