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Palm sells 25 percent stake in company to Bono
News - By: pdaBlast! Staff - June 04, 2007

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It looks like the rumors that Palm would sell were partially true. Palm is selling a 25 percent stake of the company to a private equity firm founded by Bono. Elevation Partners will cough up $325 million for 25 percent of Palm. Palm will pay $940 million in cash to existing shareholders whose ownership of the company will drop to 75 percent.

Jon Rubinstein, Apple’s former head of hardware who helped pioneer iPod, will join Palm as executive chairman and head up product development.  


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