BlackBerry calls off sale, appoints new CEO

WATERLOO and TORONTO – BlackBerry has scrapped plans for a sale, choosing instead to replace CEO Thorsten Heins and raise U.S. $1 billion from majority shareholder Fairfax Financial Holdings Limited and other institutional investors. According to a company announcement on Monday, the organizations will invest in BlackBerry through a private placement of convertible debentures, and Fairfax has agreed to acquire U.S. $250 million principal amount of the debentures. The transaction is expected to be completed within the next two weeks. Upon the closing of the transaction, John Chen will be appointed executive chair of BlackBerry's Board of Directors and, in that...