Prem Watsa

14 Aug 2015

Prem Watsa is the CEO of Fairfax Financial, a property, casualty and life insurance company based out of Toronto. Watsa sat on the board at BlackBerry before leaving in August of 2013.

Fairfax had entered into an agreement to purchase BlackBerry in a deal worth $4.7 billion on September 23, 2013. The deal was later called off however Fairfax and other institutional investors made a $1 billion investment in BlackBerry on November 4th, 2013. In a news release the same day it was stated that Prem Watsa would become Lead Director at BlackBerry.

What's this about extending the deadline on BlackBerry convertibles?

Chris Umiastowski 10 years ago 89

Yesterday BlackBerry put out a little press release about its convertible debenture offering. We posted a quick blurb about it, however in reading through the comments, I can tell many of you want a simple explanation of what’s going on. No prob -- that’s why I’m here. Financial stuff can get a bit boring sometimes, and the people who write these releases sound like lawyers most of...

The Fairfax BBRY investment: One day later

Chris Umiastowski 10 years ago 183

Now that I've had 24 hours to think about yesterday's interesting financial twist and read plenty of other reporting on the subject, I thought I'd come back with another post to clear up a few things. First off, it was likely incorrect of me to say that Fairfax wasn't able to raise the $4.7 billion required to take BlackBerry private. I know some reputable media outlets said they were...

Here's what happens to BlackBerry on November 4th

Chris Umiastowski 10 years ago 188

It has nearly been 6 weeks since BlackBerry’s board of directors entered into an agreement with a consortium of investors led by Fairfax Financial. As a reminder, here is what that agreement said in plain English: They take BlackBerry private for $9 per share. The general agreement is for Fairfax, and its partner investors, to take BlackBerry off the public market by purchasing all...

BlackBerry considering breakup if Fairfax doesn't pull through

Adam Zeis 10 years ago 306

Bloomberg is reporting today that BlackBerry may be turning down a different road should funding from Fairfax Financial not pan out in their original deal. Fairfax has agreed to purchase BlackBerry in a deal worth around $4.7 billion however they may not be able to come up with funding to complete the transaction. If that's the case, BlackBerry may look to break up the company into the...

BlackBerry reportedly in talks with Cisco, Google, and SAP to sell off portfolio

Alicia Erlich 10 years ago 399

It's only been less than two weeks since BlackBerry signed a letter of intent with Fairfax Financial to be sold for $4.7 billion. As part of the agreement, BlackBerry would be free during the due diligence period to discuss terms with other potential buyers if and when they arise. An article appearing today in Reuters claims that BlackBerry is doing just that as sources say they are in...

Prem Watsa: 'In the enterprise market they've got huge advantages'

Adam Zeis 10 years ago 226

While the BlackBerry/Fairfax deal is still being worked out, Fairfax Financial CEO Prem Watsa hasn't been afraid to state his intentions should the deal go through. He's confident that their bid for BlackBerry will pan out and has already been thinking ahead of just what actions to take to keep BlackBerry going. In an interview with The Globe and Mail, Mr. Watsa cleary stated that yes...

BlackBerry and Fairfax: What happens now?

Chris Umiastowski 10 years ago 258

For obvious reasons we’ve been covering the story of BlackBerry and Fairfax quite hard this week. When the news broke on Monday I wrote up my initial thoughts in this editorial and I thought it would be worth coming back today with some additional thoughts and details. There are a lot of questions from all of you, and there is a lot of misunderstanding about how the markets work, which...

The CrackBerry community reacts to the Fairfax Financial news

Adam Zeis 10 years ago 248

We're only a few days in and it's already been quite a busy week here on CrackBerry. Between the ongoing BBM for Android/iOS saga and yesterdays news, the CrackBerry community is taking to the forums to weigh in on the situation. "Taken private in this case is not a good thing. BBRY will be sold off in chunks. This is just the beginning"Shlooky, CB Member If for some reason you...

BlackBerry going private: What does it all mean now that it's official?

Chris Umiastowski 10 years ago 630

On Friday most of the media was busy writing about the 4500 job cuts being the last nail in the coffin for BlackBerry. Today the company shook things up yet again. The rumours of Prem Watsa and his firm, Fairfax Financial, leading a bid to take the company private have proven to be true. The board of directors at BlackBerry has accepted an offer, conditional upon due diligence, of $9...

Fairfax Financial consortium agrees to purchase BlackBerry for $4.7 billion

Adam Zeis 10 years ago 839

BlackBerry has signed a letter of intent with Fairfax Financial that means the company could soon be sold in a $4.7 billion deal. While a letter of intent isn't a binding contact, it does bode well for BlackBerry and, if everything pans out, could mean BlackBerry will go private in the very near future. Press Release BlackBerry shareholders would receive U.S. $9 per share in cash...

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