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.
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.