BlackBerry said Monday that it had reached an agreement to sell the company for $9 a share to a group led by Fairfax Financial Holdings.
The proposed deal values the faltering smartphone maker at about $4.7 billion.
"We believe this transaction will open an exciting new private chapter for BlackBerry, its customers, carriers and employees. We can deliver immediate value to shareholders, while we continue the execution of a long-term strategy in a private company with a focus on delivering superior and secure enterprise solutions to BlackBerry customers around the world," Fairfax's chief executive, Prem Watsa, said in a statement.
Watsa stepped down from BlackBerry's board last month to avoid criticism over a potential conflict of interest as he sought to find a future path for the beleaguered company. Fairfax is its largest shareholder, with a 10 percent stake.