(Telecompaper) BlackBerry has signed a letter of intent to sell the company to a consortium led by Fairfax Financial Holdings. Under the terms of the agreement, BlackBerry shareholders will receive USD 9 in cash for each share of BlackBerry they hold, valuing the deal at USD 4.7 billion. The consortium would acquire for cash all of the outstanding shares of BlackBerry not held by Fairfax. Fairfax already owns around 10 percent of BlackBerry's common shares and will contribute the shares of BlackBerry it currently holds into the transaction. The deal is subject to due diligence, negotiation, execution of a definitive agreement and customary regulatory approvals. Diligence is expected to be complete by 04 November, with the parties aiming to negotiate and execute a definitive agreement by this date. During this period, BlackBerry will be able to actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals. This is subject to payment of a termination fee in the event an alternative offer being accepted.