Canada’s “Warren Buffett” has reportedly emerged as the front-runner to acquire the country’s beaten-down smartphone maker BlackBerry (BRRY).
The developments come as BlackBerry and its advisers have scrambled to move ahead with a rapid sales process aimed at finding a buyer by November.
According to London’s Sunday Times, BlackBerry shareholder Prem Watsa is closing in on a rescue deal for the Waterloo, Ontario-based company and has already assembled billions in backing from Canada’s largest pension funds for a bid.
Watsa runs Fairfax Financial Holdings, which holds a 10% stake in BlackBerry, making it the company’s largest shareholder.
While Fairfax didn’t respond to a request for comment, a BlackBerry spokesperson said: “We cannot comment on speculation surrounding Prem Watsa and his efforts.”
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