Fairfax Financial Holdings is buying another $250 million of convertible debt in troubled BlackBerry, in what Fairfax’s president says is a sign of confidence in the company’s new management.
Fairfax, BlackBerry’s largest shareholder, led an investment group that injected $1 billion into the company last fall.
The insurance and investment firm invested $250 million as part of that initial deal, which gave it an option to make an extra $250 million investment before a Monday deadline.
Fairfax President Paul Rivett told The Associated Press his firm believes the market is only just beginning to see the true potential of BlackBerry under new CEO John Chen and the team he has assembled.
The BlackBerry was once the dominant smartphone, before the debut of the iPhone and phones running Google’s Android software.