Toronto-based Fairfax Financial is set to buy BlackBerry for $4.7 billion

Canadian insurance company Fairfax Financial, which already owns approximately 10 per cent of BlackBerry’s shares, has struck a deal to buy the rest of the troubled tech giant. This afternoon, BlackBerry announced it has signed a letter of intent that would see a Fairfax-led consortium purchase the company for $9 a share, or about $4.7 billion US dollars (pending due diligence, which should be complete by November 4). Despite BlackBerry’s significant struggles, billionaire Fairfax founder Prem Watsa still believes the smart phone maker can be successful. “We’re trying to make sure it remains in whole in Canada,” said Watsa, who also told the Globe and Mail that BlackBerry would turn its focus toward the enterprise market and away from the consumer market. [Globe and Mail]