BlackBerry sells ~32,000 non-core patents to Malikie for up to $900M; terminates prior Catapult deal

BLACKBERRY Ltd

$170M cash at closing plus $30M by 3rd anniversary; potential royalties capped at $700M on profit-sharing tiers.
Royalty tiers: 8% of first $500M profit, 15% next $250M, 30% next $250M, 50% thereafter.
Transaction excludes patents supporting core IoT/cybersecurity ops; ~120 monetizable patent families retained.
Prior Catapult agreement terminated after Catapult failed to secure acceptable financing.
Closing subject to HSR and Investment Canada Act approvals; no financing condition for Malikie.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BLACKBERRY Ltd entered into Malikie Agreement with Malikie Innovations Limited valued at up to $900 million (effective 2023-03-20).

Action: entry
Agreement: asset purchase
Counterparty: Malikie Innovations Limited
Value: up to $900 million
Effective: 2023-03-20

Exact text from the filing

On March 20, 2023, BlackBerry Limited (the “Company”) entered into an agreement to sell substantially all of its non-core patents and patent applications to Malikie Innovations Limited (“Malikie”), a newly-formed subsidiary of Key Patent Innovations Limited (“KPI”), a leading intellectual property monetization company, for a combination of cash at closing and potential future royalties in the aggregate amount of up to $900 million (the “Malikie Agreement”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BLACKBERRY Ltd terminated Catapult Agreement with Catapult IP Innovations Inc. (effective 2023-03-20).

Action: termination
Agreement: asset purchase
Counterparty: Catapult IP Innovations Inc.
Effective: 2023-03-20

Exact text from the filing

Catapult was unable to secure financing that would have enabled it to complete the transaction on amended terms acceptable to the Company, and therefore the Company terminated the Catapult Agreement in accordance with its terms on March 20, 2023.

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BLACKBERRY Ltd filing history →

Source: SEC EDGAR

accession 0001070235-23-000047

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