BlackBerry Sold for $4.7 Billion After Mass Layoffs

BlackBerry Sold for $4.7 Billion After Mass Layoffs

BlackBerry Sold for $4.7 Billion After Mass Layoffs, BlackBerry was purchased by a financial holdings firm for $4.7 billion, according to a report from Mashable. The deal was announced on Monday by both the struggling mobile company and the Toronto-based Fairfax Financial Holdings.

The holdings group acquired BlackBerry for only $9 per share. According to Mashable, BlackBerry was worth over $100 billion dollars back in 2007.

News of the sale comes only two days after BlackBerry confirmed mass layoffs of staff, cutting its headcount by more than 35 percent. Despite releasing a new mobile OS and new handsets in the last year, BlackBerry reportedly lost about $1 billion in the second quarter of 2013.

The company recently announced BlackBerry Messenger apps for iOS and Android devices.