Fairfax Financial Holdings plans to buy additional convertible debentures worth $250 million in BlackBerry.
The transaction is likely to be completed on or before January 16, 2014. Fairfax Financial Holdings is exercising a previously announced option regrading financing BlackBerry?s $1 billion debt. The company owns a 9.9 per cent equity stake in BlackBerry. For the third quarter ended November 30, 2013, the smartphone manufacturer?s revenues declined by 56 per cent to $1.19 billion.
In November 2012, BlackBerry dropped its plan to sell the company and instead decided to raise $1.25 billion through convertible debentures to fund its operations.
