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Veritas eyes BlackBerry deal

Veritas Capital, a private equity firm focused on making investments in companies that provide technology-enabled products and services, has made an offer to buy BlackBerry Ltd, according to report by Reuters.

The report cites an unnamed source with knowledge of the matter as confirming the approach, which comes after the Canadian technology company launched a strategic review of its business.

The company has a current market capitalisation of around $3.1bn after its share rose by up to 17% when news of the proposed deal broke, before closing at $5.23.

Financial details of the offer are not known at this point, although Veritas reportedly wants to acquire the entire company, while BlackBerry is also said to be in talks with other potential buyers.

BlackBerry first said in May it would consider strategic options for its portfolio of businesses that could include the possible separation of one or more of its businesses. Founded in 1984, and once the market leader in business smartphones, the company now makes software for cars and cybersecurity.

Morgan Stanley and Perella Weinberg Partners are acting as financial advisors to BlackBerry in its strategic review.

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