Blackberry could be sold for 3.5 billion euros, after Fairfax Financial sets the floor for the struggling smartphone company.
Blackberry has given a provisional nod to the deal with their largest shareholder, though they will explore other options whilst talks continue.
It comes as a blow to the company which in its heyday in 2007 was worth over 100 billion euros.
Analyst Pascal Samama said:
“Blackberry failed to grasp the imagination of the average consumer. It is seen as elitist. Individual consumers want a device with applications, a device that is a little more fun.”
The company posted a loss of almost one billion euros in its second quarter after disappointing sales of its new smartphone model.
In order to survive it is pinning its hopes on niche markets, announcing a focus on highly-secure phones for businesses and governments.
Some analysts say a deal with Fairfax would give the company the breathing space it needs to figure out its future.