Blackberry to call off sale

(MENAFN) Blackberry Ltd will get a USD1 billion injection instead of a direct buyout for now, Xinhuanet reported. After weeks of deliberation to purchase the company for a price tag of USD4.7 billion, Fairfax Financial Holdings Ltd., the company's largest stakeholder, had up till Monday to complete its offer. Fairfax confirmed that it will lead a group of unnamed institutional investors to raise USD1 billion to help the troubled Canadian smart phone maker revamp its operations. The money will be raised with a private placement of convertible debentures and Fairfax will take up USD250 million of the debentures.