(24/7 News) -- Smartphone maker BlackBerry is agreeing in principal to a takeover by Fairfax Financial Holdings.
The deal is reported to be worth $4.7 billion dollars. Fairfax Financial is based in Toronto.
BlackBerry recently announced that it will be cutting more than 4,000 jobs and expects to report a quarterly loss of more than $950-million.
BlackBerry shares were halted today. They were down more than five-percent before the stop.