BlackBerry shares fell more than 6% in premarket trading.
BlackBerry Limited has agreed to sell substantially all of its non-core patent assets to Catapult IP Innovations for $600M, comprising of $450M in cash and a promissory note in the principal amount of $150M.
The promissory note will be payable in five equal annual installments of $30M in cash commencing on the third anniversary of the closing date, provided that the senior loan is not in default.
Patents essential to company's current core business operations are excluded from the transaction.
BlackBerry (BB) will receive a license back to the patents being sold, which relate primarily to mobile devices, messaging and wireless networking.
This transaction will not impact customers' use of any of BlackBerry's products, solutions or services.
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