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Blackberry Reaches Deal to Go Private

(CNN) — Struggling smartphone maker Blackberry has plans to become a private company.

Monday, the company announced an agreement with its largest shareholder, Fairfax Financial, to sell itself for $4.7 billion. Forbes Magazine reports the two companies signed a letter of intent, but that Blackberry can still shop around.

The deal comes after Blackberry said it would lay off 40 percent of its employees by the end of the year. The company will log a one billion loss for last quarter.

Fairfax already owns about a 10-percent stake in Blackberry.

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