BlackBerry shares get a boost after Microsoft makes deal to buy Nokia

TORONTO – Blackberry (TSX:BB) shares were ahead two per cent on Tuesday as some investors found hope that the Canadian smartphone maker could still be an acquisition target in the wake of the multi-billion dollar Microsoft transaction.

The Waterloo, Ont.-based company’s stock rose 21 cents to $10.85 on the Toronto Stock Exchange in early afternoon trading.

The shift higher came after Microsoft Corp. announced plans to buy Nokia Corp.’s handset division for US$7.17 billion.

The deal has raised hopes BlackBerry could be purchased by another technology company, though it also means Microsoft is unlikely to participate as a bidder.

BlackBerry is in the midst of a review of its “strategic alternatives,” which could result in the sale of its operations or an agreement to take the company private, though so far no potential bidders have publicly emerged.