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Palm closes recapitalization deal with Elevation Partners

Darren Murph

No surprises here, but Palm's "strategic recapitalization" effort has officially been closed. Just months after shareholders gave a collective thumbs-up to the idea (hey, who can say no to Bono?), Elevation Partners has indeed "invested $325 million in Palm, which the company will utilize along with existing cash and $400 million of new debt to finance a $9-per share cash distribution." Additionally, a number of new faces have been appointed jobs within the outfit, and the "total number of directors on the board has been increased from eight to nine." Ed Colligan, Palm's president and CEO, proclaimed that this "transaction has laid the groundwork for the firm to recapture its position as the leading innovator and brand of the mobile-computing revolution." Now that's the spirit, Ed.

[Via mocoNews]

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