Disqus
Just a week after announcing their Palm Foleo, the struggling handset manufacturer has inked a deal to sell 25% of the company to private equity firm, Elevation Partners, for about $325 million. As part of a reorganization plan to revitalize the company, Palm has brought on Jon Rubinstein (former Apple iPod exec) as an executive chairman.
Ed Colligan, President and CEO of Palm, released a statement saying, “As a result of this transaction, we will strengthen the Palm leadership team and create a more effective capital structure, which puts us in a great position to attract new talent, significantly strengthen our execution capabilities and deliver long-term shareholder value.”
The deal includes a $940 million dividend payout to Palm’s shareholders – about $9 per share. Elevation Partners is founded and headed by U2′s Bono.
via: nytimes
About The Author
Will Park
Will hails from The City of Angels - Los Angeles, California. He spends his time playing with his numerous gadgets and looking forward to seeing what future holds for mobile technology. An avid promoter of a fully "digital" life, he promotes the widespread adoption of truly mobile, paper-less living. He dreams of the day when he can go completely digital. No more snail mail, paper receipts, bound books, notepads/spiral notebooks, credit cards, hard currency. He's a digital warrior - fighting for the converged life. He is an idealist and a realist - he has a perfect view of what the world should be but knows that the world is not perfect. Can we ever hope to see Will's dream become reality? We'll see...
