BlackBerry’s board of directors has decided to separate the IoT (Internet of Things) division from the Canadian technology company’s cybersecurity business with the aim of pursuing an initial public offering (IPO) of the company.
“The Board of Directors has determined that separating the IoT and Cybersecurity business units into two independent entities is the optimal strategic direction for BlackBerry,” the company announced.
In this sense, the multinational explained that the main objective of the separation “is to seek an IPO for the IoT business”, with a launch planned for the first half of the next financial year.
BlackBerry believes that a separately listed IoT subsidiary will allow shareholders to more clearly assess the performance and future potential of the company’s core businesses and will allow each company to pursue its own strategy and capital allocation policy.
“The board and management believe that separating our core businesses will enhance our ability to create value for all of our stakeholders,” said John Chen, executive chairman and CEO of BlackBerry.
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