Bono and Apple Alumni Invest in Palm
Elevation Partners, an investment firm that counts U2 front man-cum-world savior Bono among its founders, has put in an offer to purchase 25 percent of Palm, creators of the Treo and once-ubiquitous series of PalmPilot PDAs. The $325 million deal, if approved by shareholders, would bring two former Apple heavyweights to the upper echelons of Palm. The first, ex-iPod chief Jon Rubinstein, would take the lead on Palm's product development division, while Fred Anderson, former Apple CFO, would take a seat on Palm's board of directors. It seems Elevation believes it will be able to bring the kind of success to Palm that it found at Apple in the post-iPod launch era. Given that the most exciting thing coming out of Palm these days is the ho-hum Foleo mini-laptop, Bono and the boys certainly have their work cut out for them.
From Engadget
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