HomeBusinessBlackBerry to sell patents related to mobile devices, messaging for $600 million

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

BlackBerry Ltd stated on Monday it’s going to sell its legacy patents primarily related to mobile gadgets, messaging and wi-fi networking for $600 million to a particular function automobile fashioned to purchase the corporate’s patent property.

BlackBerry stated the transaction with the automobile, Catapult IP Innovations Inc, won’t impression prospects’ use of its services or products.

The transfer comes weeks after BlackBerry pulled the plug on service for its as soon as ubiquitous enterprise smartphones, which had been toted by executives, politicians and legions of followers within the early 2000s.

U.S-listed shares of BlackBerry had been down 3.6per cent in premarket buying and selling. One of the so-called “meme stocks”, reminiscent of GameStop and AMC Entertainment, that witnessed a surge in early 2021, BlackBerry rose 41per cent final yr.

At the closing of the deal, the corporate will obtain $450 million in money and a promissory notice for $150 million.

Once identified for its telephones with a tiny QWERTY bodily keyboard and the BBM prompt messaging service, BlackBerry’s core companies as we speak are cybersecurity and software program utilized by automakers.

(Reporting by Chavi Mehta in Bengaluru; Editing by Shinjini Ganguli)

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