BlackBerry announced in May it was exploring a potential breakup of the company
jumped Friday after Bloomberg reported private equity firm Veritas Capital is considering a bid for the Canadian company.
BlackBerry, which has struggled to regain investor interest since the demise of its smartphone business,. The company hired investment banks Morgan Stanley & Co and Perella Weinberg Partners as financial advisers for the strategic review but did not set a timetable for completing the process. CEO John Chen said on an earnings call in late June the strategic review was still in its early stages, declining further comment.
Mr. Chen was successful in his first five years, transitioning BlackBerry completely out of the smartphone business, cutting costs and securing its future as a going concern. He was also aided by billions of dollars in legacy high-margin service fee revenue negotiated by his predecessors with telecom carriers when BlackBery handheld devices were in hot demand, and which continued to pour in for years.
The company is a hodgepodge of different businesses: it provides in-car software to connect vehicles to the internet; it sells cybersecurity software; and it provides device management software used by corporations to manage fleets of devices used by their employees. It is an odd duck of a company with no peers in terms of its mix of businesses. The cybersecurity business is largely a collection of companies purchased by BlackBerry over the years.
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