Blackberry sells patent assets for $600M

ISTANBUL

Canadian technology company Blackberry announced on Monday that it sold all non-core patent rights to a US tech firm Catapult IP Innovations.

The US-based firm agreed to pay $600 million for the patent deal.

"BlackBerry will receive a license back to the patents being sold, which relate primarily to mobile devices, messaging and wireless networking," Blackberry said.

Blackberry will receive $450 million in cash and a promissory note in the principal amount of $150 million as part of the deal.