1/4 Palm Sold to Private Equity Holder

[Barry]

Palm announced that it is selling 25% of itself to Elevation Partners, a private equity firm. Palm also said that current stockholders would be paid US$9 per share owned, which works out in total to be just shy of one billion dollars, or roughly half of the company's current market capitalization.

Jon Rubenstein, former senior vice president of hardware engineering at Apple and head of its iPod division, will become Palm's new executive chairman of the board. Elevation Partners' Fred Anderson and Roger McNamee will also take seats on the Palm Board. Fred Anderson was Apple's chief financial officer for 8 years.

Elevation Partners can claim U2 front man Bono as one of their co-founders and partners.

_________________
Start Posting for Cool Prizes!