Following dashed hopes that BlackBerry’s new handset would reverse its falling fortunes, Skadden, Arps, Slate, Meagher & Flom and Shearman & Sterling have been assigned as lead advisors as the struggling smartphone maker sells its business to its largest investor, Fairfax Financial, for $4.7bn.
Skadden, which was instructed last month by BlackBerry as it reviewed its strategic options, is being led by New York corporate partners Stephen Arcano, Neil Stronski and Richard Grossman. Canadian firm Torys is also advising BlackBerry, led by corporate finance partner David Chaikof.
