BlackBerry’s US$600-million patent sale in doubt as Canadian-led lending syndicate bails

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 92%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

Third-Eye-led group had committed US$400-million but buyer hasn’t raised equity to close deal

Earlier this month, after Catapult still hadn’t raised the equity, Third Eye informed the company it was pulling out, along with the rest of its lending syndicate, a source familiar with the matter said. The source said the lenders grew impatient tying up capital as the deal dragged on and as other investment opportunities came to the market.

BlackBerry has been entitled to walk away from the unfinished deal with Catapult since May, and either party can terminate if it doesn’t close by today. A BlackBerry spokesman and Third Eye CEO Arif Bhalwani declined to comment. A message to Catapult was not returned. BlackBerry, like other former technology heavyweights, had made a business in recent years of extracting monies from other companies for use of its technology either by suing them for patent infringement or reaching licensing agreements. Licensing revenue was US$63-million in the fiscal year ended Feb. 28, sharply down from the US$272-million, US$328-million and US$286-million it generated in its 2021, 2020 and 2019 fiscal years, respectively.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in LOANS

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Is a GTA real estate deal that sounds like paradise too good to be true? | CBC NewsA million dollar-plus home in the Greater Toronto Area's hot real estate market for only $700,000. A five per cent down payment. A 30-year mortgage at a 2.75 per cent interest rate. Those were the appealing terms of a real estate deal that caught the eye of a local realtor last summer and prompted him to warn Toronto’s Black community. What word salad is this 🤦🏽‍♂️ I can’t even understand what happened is this a racial thing again?
Source: CBCToronto - 🏆 51. / 61 Read more »