213A Canadian investment tycoon is emerging as a frontrunner in the bidding to take over BlackBerry.

Prem Watsa who is often regarded as Canada’s Warren Buffett, is thought to be the frontrunner in terms of bidders for the struggling smartphone company which has just put itself up for sale.

The 61-year-old is the company’s biggest shareholder and is believed to have spent £570 million buying ten per cent of the company’s shares – and he is now expected to try and organize BlackBerry’s exit from the stock market.

The tycoon’s company currently has a stock market value of $9 billion.

‘Hearing the announcement from BlackBerry accompanied by Prem’s departure from the board should indicate something will happen this time on the strategic front,’ Todd Johnson, a portfolio manager at Winnipeg-based BCV Financial, which owns Fairfax debt, told The Guardian.

Mr Watsa’s interest in BlackBerry is thought to be the first sign of a monetary solution to the company’s problems.

Mr Watsa is said to view BlackBerry as having a number of valuable assets, including its famous brand name, its ‘huge’ patent portfolio and its 76 million subscribers.

Some of the world’s largest private equity firms, including Bain Capital LLC, KKR & Co LP and Carlyle Group LP are also expected to look at BlackBerry when the company launches a sale process.