Get all your news in one place.
100’s of premium titles.
One app.
Start reading
The Canadian Press
The Canadian Press
Business

BlackBerry sells legacy patents to Catapult IP Innovations for US$600M

BlackBerry Ltd. says it has agreed to sell its non-core patents to Catapult IP Innovations Inc. for US$600 million.

The company says Delaware-registered Catapult was formed specifically to acquire the patents, with funding from a group of lenders led by Toronto-based Third Eye Capital that also includes an unnamed Canadian pension fund.

Waterloo, Ont.-based says the patents being sold are not essential to its current core business but that it will receive a license back to them.

It says the patents relate primarily to mobile devices, messaging and wireless networking and that the deal won't affect the use of BlackBerry's products, solutions, or services.

The company says the deal will need to satisfy all regulatory conditions under the Hart–Scott–Rodino Antitrust Improvements Act in the United States and the Investment Canada Act, which could take up to 210 days.

BlackBerry has been winding down links to its legacy mobile business and is now focused on security software and services.

This report by The Canadian Press was first published Jan. 31, 2022.

Companies in this story: (TSX:BB)

The Canadian Press

Note to readers: This is a corrected story, an earlier version incorrectly had the currency in Canadian dollars.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.