The wires are alight with news that Palm will be announcing a deal to sell a 25% stake to Elevation Partners. The private equity firm where Bono is a founding partner will shell-out $325 million for the privilege of helping Palm reorganize. Jon Rubinstein, Apple's retired head of hardware -- yes, that hardware -- joins Palm as executive chairman to head up product development while Apple's former CFO Fred Anderson -- yes, that Fred Anderson -- joins Palm's board of directors. Palm's current Chairman, Eric Benhamou, and board director D. Scott Mercer would then step down assuming shareholders approve the deal. Sure, it's not the sale that many had hoped for, but at least we can look forward to a new limited edition black and red Foleo which is somethin'.

Update: It's official, see the press release for all the recapitalization gore.

[Via MocoNews]

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Palm sells 25% stake to Bono and former Apple execs