Qatar Holdings LLC is one of the parties, along with a consortium led by Fairfax Financials, who have provided funds to help the struggling smartphone maker, BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) devise a turnaround plan. According to an SEC filing, this Qatar-based sovereign wealth fund joined the other group of investors to invest U.S. $1 billion into BlackBerry.
BlackBerry not available in parts
Recently, it was reported that BlackBerry has turned down offers to sell parts of the company to interested bidders, and insists on selling the company as a whole.
Sources stated that selling the company in part was never under consideration for BlackBerry. The troubled smartphone maker made continuous efforts for six weeks to find a suitable bidder for the whole company, but could not find one. Fairfax Financials, which signed a letter of intent, failed to raise the required funds and ended up contributing to a bailout deal for BlackBerry worth $1 billion.
However, now the Canadian smartphone maker is not looking to sell the separate units as they feel that such a move will not benefit the investors, employees, customers and suppliers.
According to the company’s board, selling BlackBerry in pieces will strengthen the possibility of shutting down other areas of business, which will affect its relationship with suppliers and reduce the value of its intellectual property.
Turned down many big names
Management shuffle in BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) was triggered following the launch of a free BlackBerry Messenger on Android and iOS. John Chen, interim CEO of BlackBerry, has been assigned a salary of U.S. $1 million a year plus stock options (currently) worth more than U.S. $85 million over five years.
BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) grabbed the eyes of some of the biggest IT companies all over the world, including juggernauts like Apple Inc. (NASDAQ:AAPL), Cisco, Google Inc (NASDAQ:GOOG), Lenovo, and Microsoft Corporation (NASDAQ:MSFT) among others. However, the majority of these big players were interested in parts of the company rather than the company as a whole. Most of the companies were interested in the patent portfolio of the company, but hardly any showed interest in the device and hardware unit.