BlackBerry Abandons Sale Effort, Ousts CEO Thorsten Heins

Originally posted on Variety:

BlackBerry is doing an about-face on its plan to find a buyer and has ousted CEO Thorsten Heins after less than two years on the job.

The trouble wireless devices and services firm disclosed Monday that it will receive a $1 billion injection from investor Fairfax Financial Holdings, which had been in talks to acquire the firm for about $4.7 billion, and other investors. Fairfax is putting $250 million into the deal.

The $1 billion sale of convertible debt will convert into equity after seven years a share price of $10, which would translate to 16% of the company. The investors have an option to invest another $250 million within 30 days, which would boost the potential conversation to 19.2% of outstanding shares.

Deal is expected to close within two weeks, after with Heins (pictured) will step down as CEO. John Chen, former CEO of Sybase, will…

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