Palm Sells Off 25 Percent Stake
Following months of sale rumors, Palm Inc. on Monday made them true. At least, one quarter true.
Palm announced that it had agreed to sell 25 percent of the company to the private equity firm Elevation Partners, at a sale price of $325 million, the New York Times reported. Shareholders will also receive $940 million in dividends ($9 a share) as part of the deal.
The company also announced that Jon Rubinstein, a former Apple executive, was joining the company as executive chairman, concurrently with the sale deal.