BlackBerry to sell its messaging and mobile devices patents for $600 million

BlackBerry Ltd will sell its legacy patents primarily related to mobile devices, messaging and wireless networking for $600 million.

Blackberry will sell the patents to Catapult IP Innovations Inc, a special purpose vehicle formed to acquire the company’s patent assets.

Weeks earlier, BlackBerry pulled the plug on service for its once ubiquitous business smartphones.

At the closing of the deal, the company will receive $450 million in cash and a promissory note for $150 million.

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