Palm Closes Elevation Recap
Sunnyvale-based Palm, Inc. said Wednesday afternoon that it has closed its recapitalization with Elevation Partners. Palm said that Elevation invested a total of $325M in Palm, and that it will use the funding plus $400M in debt for a $9 per share cash distribution to its shareholders. As a result of the recap, Jon Rubinsteain, former SVP of Hardware Engineering at Apple's iPod division, and Elevation's Roger McNamee have joined the company's board of directors. Eric Benhamou and Bruce Dunlevie have both resigned from the company's board.
posted on Thursday, October 25, 2007
Related companies:
Palm
Related stories:
> Elevation Invests $325M In Palm
> Palm Goes To HP
> Report: Palm Looks For Buyer
> Elevation Taps eBay's Dutta As Managing Director
> Elevation Partners Taps Apple's Tevanian For Post
silicontap.com Home