Blackberry sign at its campus in Waterloo
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Blackberry set for private takeover

The Canadian smartphone company, Blackberry, says it has agreed in principle to be bought by a consortium led by its largest shareholder, Fairfax Financial.

The Canadian smartphone company, Blackberry, says it has agreed in principle to be bought by a consortium led by its largest shareholder, Fairfax Financial.

The consortium is bidding to buy the business for $4.7bn (£3bn).

On Friday, Blackberry said it was cutting 4,500 jobs worldwide in a bid to stem losses.

Samira Hussain reports from New York.