BlackBerry selling legacy patents for $600 million - Bliteoc

BlackBerry selling legacy patents for $600 million

3 months ago 62

BlackBerry is selling patents primarily relating to mobile, messaging, and wireless networking for $600 million.

Catapult IP Innovations Inc. will be absorbing the assets, a special purpose venture formed to do exactly so.

A statement from BlackBerry says it won't be selling patents essential to the company's core operations, and the sale won't impact customers using any of its products or services.

The move further cements the end of the once-popular Canadian mobile company. The company officially killed its services earlier this month, disabling access to mobile data, phone calls, text messaging, and 9-1-1 functionality.

While the features that made the company famous are now dead, BlackBerry is alive and thriving since turning its attention to the cyber security sector.

The company will receive $450 million in cash when the deal closes and another $150 million on a promissory note. The terms of how exactly the remaining $150 will be paid have not been made public.

Image credit: ShutterStock

Source: BlackBerry

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