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Veritas, A Private Equity Company, Reportedly Makes An Acquisition Bid For BlackBerry

Veritas, A Private Equity Company, Reportedly Makes An Acquisition Bid For BlackBerry
An offer to purchase BlackBerry Ltd. has been made by the private equity firm Veritas Capital, according to reports quoting information from sources with knowledge of the situation, months after the Canadian technology company started a strategic review.
BlackBerry's publicly traded shares in the United States finished at $5.23, up earlier by approximately 17% on the announcement, giving the business a market valuation of $3.1 billion.
It was impossible to find out the offer's specifics
There were no comments available on the issue from Veritas and Blackberry.
According to the source, Veritas has made an offer for the entire business, and BlackBerry is also in discussions with other prospective bidders.
BlackBerry had previously stated in May that it would be considering strategic options for its portfolio of companies, including the potential separation of one or more of them.
The 1984-founded business currently produces cybersecurity and automotive software. In the early 2000s, it rose to fame for its pervasive business smartphones, which were carried by executives, politicians, and hordes of fans.
The company stopped selling smartphones last year and has since been attempting to sell its old mobile device patents.
BlackBerry said in May that it would proceed with the previously planned $900 million sale to Malikie Innovations Limited of the patents relating to its mobile handsets. Prior negotiations to sell those patents to Catapult IP Innovations Inc. for $600 million failed because the closing process took longer than typical.
BlackBerry said in 2016 that it would stop producing its vintage devices. Since then, the company has been making an effort to reinvent itself as a maker of premium software.
BlackBerry has two main companies; one produces "Internet-of-Things" products, and the other is a cybersecurity software developer. Veritas Capital is a technology investor that mostly purchases and invests in businesses that offer tools and services with a government focus.
For the strategic assessment, BlackBerry has financial consultants in the form of Morgan Stanley and Perella Weinberg Partners.
The discussions between Veritas and BlackBerry were first revealed by Bloomberg News earlier on Friday.

Christopher J. Mitchell

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