BlackBerry Limited provided an update on the sale of substantially all of its non-core patent assets to Catapult IP Innovations for total consideration of $600 million (the “Patent Sale Transaction”). In the fourth quarter of fiscal 2022, BlackBerry announced that it had entered into a patent sale agreement with Catapult for the Patent Sale Transaction and that completion of the transaction is subject to the satisfaction of financing and other closing conditions. BlackBerry also previously announced that closing of the Patent Sale Transaction was expected by the end of the first quarter of fiscal 2023.
Catapult continues to work on securing its required financing and BlackBerry looks forward to the completion of the Patent Sale Transaction. However, BlackBerry is no longer under exclusivity with Catapult and, given the length of time that the transaction has taken, BlackBerry is exploring alternative options in parallel.
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BlackBerry provides intelligent security software and services to enterprises and governments around the world. The company secures more than 500M endpoints including 195M vehicles. Based in Waterloo, Ontario, the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety, and data privacy solutions, and is a leader in the areas of endpoint security, endpoint management, encryption, and embedded systems. BlackBerry’s vision is clear – to secure a connected future you can trust.
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