Smartphone maker BlackBerry has abandoned its bid to sell itself and is replacing its chief executive.

BlackBerry Ltd, coping with the collapse of a $4.7bn buyout by Fairfax Financial Holdings, will raise $1bn in convertible bonds and seek a new chief executive officer for the struggling company.

Struggling smartphone maker BlackBerry has abandoned plans to sell the business and ditched chief executive Thorsten Heins after nearly two years at the helm.