BlackBerry ‘Approached by Others’ to Buy Its ‘Legacy’ Patents: CEO
BlackBerry’s sale of its “legacy” patent portfolio for $600 million (see 2201310001) remains on hold as buyer Catapult IP Innovations works on securing the financing, said CEO John Chen on an earnings call Thursday for its fiscal Q1 ended May…
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31. Because the sale has taken longer than expected, BlackBerry is “no longer under exclusivity” with Catapult, and “we are free to explore new options as they come our way,” he said. “We will provide more details as and when appropriate.” Under terms of the Catapult deal, BlackBerry will get back a license to the patents being sold, which mainly involve mobile devices, messaging, wireless networking and other businesses in which BlackBerry is no longer actively involved. “We are being approached by others” seeking to buy the legacy patents, said Chen. “I am not actively looking” for buyers “or starting from square one,” he said. “I want to make sure that the shareholder knows that we are not just stuck with one option,” he said. “We do expect to see, and we would like to see, the previously announced deal with Catapult” progress to completion, he said. “We have been getting calls, and we are now responding to the calls because now the exclusivity has expired.”