Private equity firm, Elevation Partners, will pay $325 million in cash for a 25 percent stake in the company and Palm will pay a special distribution of $9 a share,or about $940 million in cash to shareholders for their reduction in ownership. Jonathan Rubinstein, the former head of the iPod division at Apple and creator of the first iMac will be the new executive chairman. Hopefully this guy can make something amazing happen.
[Via: NY Times]