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BlackBerry Announces Completion of $1 Billion Investment from Fairfax Financial Consortium

BlackBerry Canada

Today BlackBerry announced that they have officially reached the completion of the $1 billion dollar investment from the Fairfax Financial consortium and other institutional investors. The investors have the option to purchase another $250 million principal amount of additional debentures within 30 days. This is what the new CEO John Chen had to say about the completion:

"I am excited to be joining this iconic brand at such an important moment in its history," said John S. Chen, who became BlackBerry’s Executive Chair and Interim CEO upon the completion of the financing. "I look forward to leading the company through a successful transformation and restoring BlackBerry’s position as an innovative, successful company. I believe in the value of this brand and am confident we will rebuild BlackBerry for the benefit of all of our constituencies."

Its nice to see that this went smoothly. A sale, complete or partial, would have been way more messy.

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