Fairfax Financial today revealed that it is purchasing through subsidiaries an additional $250 million worth of unsecured subordinated convertible debentures of BlackBerry.
Fairfax already invested that amount in BlackBerry last November alongside other investors who combined in a move that saw the Waterloo-based smartphone maker raise $1 billion.
Fairfax is run by Prem Watsa, who is BlackBerry’s largest shareholder. He recently bought $1 million worth of shares, boosting his already high stake in the company to more than 51 million shares—double that of anyone else.
The additional Debentures will be purchased pursuant to the exercise of a previously-announced option that was granted in connection with BlackBerry’s private placement of $1 billion principal amount of Debentures on November 13, 2013, and the transaction will be completed on or before January 16, 2014.