Completion of the transaction could take up to 210 days
BlackBerry sells its legacy patents for $600M. Source:?shutterstock.com
BlackBerry has agreed to sell substantially all of its non-core patent assets to a Delaware-based company Catapult for total consideration of $600 million.
Meanwhile, patents that are essential to BlackBerry’s current core business operations are excluded from the transaction.
BlackBerry will receive a license back to the patents being sold, which relate primarily to mobile devices, messaging, and wireless networking.
The company states that this transaction will not impact customers’ use of any of its products, solutions, or services.
Catapult is a special purpose vehicle formed to acquire the BlackBerry patent assets. At closing, BlackBerry will receive?$450 million?in cash and a promissory note in the principal amount of?$150 million.
Completion of the transaction is conditional upon, among other things, satisfaction of all regulatory conditions under the Hart–Scott–Rodino Antitrust Improvements Act in?the United States?and the Investment Canada Act.? This process could take up to 210 days.
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