Trading in BlackBerry shares was temporarily halted this morning, as the company put out a major announcement. Because of the failure to close a deal with Fairfax Financial Holdings — and perhaps emboldened by the success of the BBM launch for iOS and Android — the company has abandoned plans to find a strategic partner. Instead, it is setting out details for new funding.
Is this the start of a much-predicted move to a software and services company? Certainly a shake-up of the board is just the start, with incumbent CEO Thorsten Heins to be replaced by John Chen, and other executives on their way out.
Although Fairfax failed with its original bid, it will take part in the $1 billion investment that should help the company refocus and restructure under the new management.