Canada's 'Warren Buffett' might acquire sinking BlackBerry

Prem Watsa is the largest shareholder of the company, with 10% stake

BlackBerry shareholder Prem Watsa might acquire the sinking Ontario-based company.

Watsa, referred as Canada's 'Warren Buffett' runs Fairfax Financial Holdings, which holds a 10% stake in BlackBerry, making it the company's largest shareholder.

According to the New York Post, Watsa is closing in on a rescue deal for BlackBerry and has already assembled billions in backing from Canada's largest pension funds for a bid.

The mobile manufacturing company and its advisers have scrambled to move ahead with a rapid sales process aimed at finding a buyer by November.

Fairfax didn't comment on the matter while a BlackBerry spokesperson said that the company cannot comment on speculation surrounding Watsa and his efforts.