Latest in Bono

Image credit:

Palm sells 25% stake to Bono and former Apple execs

Thomas Ricker, @trixxy
June 4, 2007
Share
Tweet
Share

Sponsored Links

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]





All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Share
Tweet
Share

Popular on Engadget

Scientists found an Earth-sized ‘rogue’ planet in the Milky Way

Scientists found an Earth-sized ‘rogue’ planet in the Milky Way

View
Microsoft Excel spreadsheets now take custom live data

Microsoft Excel spreadsheets now take custom live data

View
Netflix is raising the price of standard and premium plans in the US

Netflix is raising the price of standard and premium plans in the US

View
Jabra Elite 85t review: Noise-blocking comfort that rivals the best

Jabra Elite 85t review: Noise-blocking comfort that rivals the best

View
SteelSeries' Aerox 3 mice are water-resistant despite being full of holes

SteelSeries' Aerox 3 mice are water-resistant despite being full of holes

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr