Blackberry has agreed to sell patents for $600M. In the announcement the company says that they entered into a patent sale agreement with Catapult IP Innovations Inc. 

Blackberry will be provided with a license back to the patents which were being sold but this will not affect users who are taking advantage of Blackberry’s products.

The main funding of Catapult for the acquisition will be a $450 million senior secured term loan, the announcement claims. For this loan the company has received around $400 million of conditional commitments.

The process of the completion of the transaction might take up to 210 days.