Monday, May 23, 2022

BlackBerry sells legacy patents for $600 million

BlackBerry has announced that it will be selling all of its non-core patent assets to Catapult IP Innovations Inc. for $600 million.

Patents include technologies related to mobile devices, messaging, and wireless networking. BlackBerry says that the acquisition will not impact the function of BlackBerry products.

The payment consists of a $450 million senior secured term loan and a $150 million promissory note. Additionally, BlackBerry will receive a license back to the patents being sold.

The BlackBerry Key2 smartphone
The BlackBerry Key2 LE smartphone is the last BlackBerry device released. Source: BlackBerry

BlackBerry said that the deal is subjected to regulatory review, which could take up to 210 days.

Not a lot is known about the Delaware-registered acquirer, Catapult IP Innovations, aside from it being specifically formed to acquire BlackBerry patent assets.

Currently, OnwardMobility is the licensee of BlackBerry smartphones. The company announced in 2020 that it would produce a 5G-capable BlackBerry device with flagship hardware and a physical keyboard, but has since stayed silent until a revival post in 2022.

With mobile patents to belong to Catapult, it’s unclear how they will affect OnwardMobility’s partnership with BlackBerry.

IT World Canada has reached out to BlackBerry and OnwardMobility for comments.

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Jim Love, Chief Content Officer, IT World Canada
Tom Li
Tom Li
Telecommunication and consumer hardware are Tom's main beats at IT World Canada. He loves to talk about Canada's network infrastructure, semiconductor products, and of course, anything hot and new in the consumer technology space. You'll also occasionally see his name appended to articles on cloud, security, and SaaS-related news. If you're ever up for a lengthy discussion about the nuances of each of the above sectors or have an upcoming product that people will love, feel free to drop him a line at tli@itwc.ca.

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