On Monday Blackberry announced that it is selling almost all of its legacy patents related to mobile devices, messaging, and wireless networking to a special purpose company, Catapult IP Innovations, for $600 million.
The buyer is “Catapult IP Innovations Inc.,” a new company BlackBerry describes as “a special purpose vehicle formed to acquire the BlackBerry patent assets.”
BlackBerry (BB) stock was down over 5% to $7.46 in premarket trading but was up 1.4% to $7.98 early in the regular session. Shares have fallen 15.7% year to date, while the S&P 500 is down 7% in the same period.
Along with Windows Mobile and Nokia, BlackBerry was one of the big players in mobile before the iPhone upended the entire market in 2007. BlackBerry didn’t fully revamp its OS in response until 2013 with the touch-focused BlackBerry 10 OS, but by then it was way, way too late.