A user holds a BlackBerry phone in the air Reuters

BlackBerry has now revealed the details of the secretive deal that it has been pursuing with a group of investors at Fairfax Financial for its $4.7 billion buyout.

BlackBerry has been in news for quite some time for incurring losses after its newly launched smartphones failed to bring back enough profit. The smartphone maker has hence announced that it agreed in principle to be bought by a consortium.

It is likely that the consortium of investors will convert the company into a private firm. Brian Colello, a tech analyst at Morningstar said that taking BlackBerry as a private firm will help the tech giant to reorganize without being under the watch of Wall Street investors, reported BBC.

Explaining why Fairfax is the right choice, the Canadian company said that the company is the largest shareholder with about 10 percent of the stock. Fairfax is also said to have offered $9 a share in cash to buy the firm.

However, BlackBerry has not yet confirmed the deal with Fairfax Financial and is said to be exploring other options as well.

"Diligence is expected to be complete by November 4, 2013. The parties' intention is to negotiate and execute a definitive transaction agreement by such date," said BlackBerry in a statement.

The firm itself had predicted a loss of up to $1 billion after its latest range of handsets failed to impress. The smartphone entered the market in January after being delayed for quite some time. After the release, BlackBerry's shares fell 17 percent and on Sept. 20, 2013, the company fired around 4, 5 00 employees.

"We believe this transaction will open an exciting new private chapter for Blackberry, its customers, carriers and employees," said Prem Watsa, chairman and CEO of Fairfax. "We can deliver immediate value to shareholders, while we continue the execution of a long-term strategy in a private company with a focus on delivering superior and secure enterprise solutions to Blackberry customers around the world."