BlackBerry to split into two public companies, spinning off IoT business

After months of reviewing its portfolio of businesses, BlackBerry has decided to split itself into two public companies.

In a news release on Oct. 4, the company announced that it plans to spin off its Internet of Things (IoT) business.

“The Board and management believe that separating our principal businesses will improve our ability to create value for all our stakeholders,” CEO John Chen said in the release.

“Both the IoT and [cybersecurity] businesses have leading technology and talent and address large and growing market opportunities. This new proposed structure will further increase both their operational agility and ability to focus on delivering exceptional solutions to their customers.”

The announcement comes after reports claimed that private equity firm Veritas Capital had sent BlackBerry a takeover offer.

According to The Globe and Mail, the split is expected to take place in the first half of the company’s next fiscal year, which begins on March 1.

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