Palm selling 25% stake
4 Jun 2007 | Financial , Palm , Smartphone | 0 comments
Looks like Palm is really struggling to keep its head above the water. The maker of the famous Treo today announced that it will be selling a quarter of the company to a private equity firm called Elevation Partners for $325 million. Interestingly enough, Bono from U2 is a Managing Director and also the Co-Founder of Elevation Partners. Also, Jon Rubinstein - former head of the iPod division - will become the executive chairman at Palm.
This news comes just a week after the unsuccessful announcement of Palm's newest product, the Foleo, a light-weight 10-inch display laptop.
Via NYTimes
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