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BlackBerry to sell patents related to mobile devices, messaging for $600 million -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: On the 23rd of June 2015, a Blackberry sign was seen outside their Waterloo office. REUTERS/Mark Blinch

(Reuters) – BlackBerry (NYSE:) Ltd announced Monday that it would sell its patent assets mainly related to wireless networks, mobile devices and messaging for $600million to a special purpose vehicle created to purchase the patent assets.

BlackBerry claimed that customers will continue to be able to use the products and services they have purchased through Catapult IP innovations Inc.

It comes just weeks after BlackBerry shut down service for its business smartphones. These phones were loved by many executives, politicians and legions more fans than ever in the first 2000s.

In premarket trading, U.S. listed shares of BlackBerry fell 3.6% BlackBerry, one of several “meme stocks” such as GameStop and AMC Entertainment that saw a rise in the early 2021s, rose 41% last fiscal year.

The company will be paid $450 million cash as well as a promissory bond of $150 million at the close of the transaction.

BlackBerry once was known for the tiny QWERTY-style keyboard on its phones, and BBM instant messaging. However, today BlackBerry’s main businesses are software and cybersecurity used by automakers.

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