Former mobile phone giant BlackBerry struck a deal to sell the remaining patents related to its defunct mobile business to a specialized intellectual property firm for a deal worth $600 million.
BlackBerry said the assets, which mainly involve mobile terminals, text messages and wireless networks, will be sold to U.S. company Catalyst IP Innovations if the deal is approved by regulators.
Any intellectual property related to its active business is excluded from the transaction.
Upon completion of the transaction, the former terminal maker will receive $450 million, with the rest of the funds to be paid in installments.
Catapult IP Innovations is a company established to acquire these assets and is backed by a loan syndicate that includes a Canadian pension fund.
The sale of these patents is the latest move to end BlackBerry's once-hugely successful terminal business.
In January 2021, BlackBerry confirmed media reports that it had sold several mobile patents to Huawei. In January, it finally stopped supporting its last-generation operating system and related mobile phone software.
Since abandoning its own mobile device production in 2016 in favor of a licensing model, BlackBerry has focused its business on enterprise software while focusing on security products. (C114 Jiang Junmu)
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