BlackBerry shares surge 15% on Arctic Wolf asset acquisition deal

Shares of BlackBerry (NYSE:BB ) experienced a significant surge, climbing up to 15% in Toronto trading, marking the most substantial intraday gain since June 27. This increase is linked to the recent announcement that Arctic Wolf will acquire BlackBerry's Cylance endpoint security assets.

The deal comprises $160 million in cash and approximately 5.5 million common shares of Arctic Wolf.

The proposed transaction is anticipated to be finalized in BlackBerry's fiscal fourth quarter. Meanwhile, BlackBerry is scheduled to announce the results of its fiscal third quarter on December 19.

The acquisition by Arctic Wolf represents a notable shift for BlackBerry, indicating a strategic move that has resonated positively with investors in the Toronto market.

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Source: Investing.com