WATERLOO (dpa-AFX) - BlackBerry Limited (BB, BB.TO) has entered into a patent sale agreement with Catapult IP Innovations Inc., pursuant to which BlackBerry has agreed to sell substantially all of its non-core patent assets to Catapult for $600 million. At closing, BlackBerry will receive $450 million in cash and a promissory note in the principal amount of $150 million. Catapult is a special purpose vehicle formed to acquire the BlackBerry patent assets.
BlackBerry noted that it will receive a license back to the patents being sold, which relate primarily to mobile devices, messaging and wireless networking.
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