Palm announced that it has closed its deal with Elevation for a 25 percent stake in the company for $325 million. U2's Bono is a partner at Elevation. The details of the sale have not changed since they were originally announced in June: A $9 per share dividend, which comes out to nearly $950 million paid in cash and $400 million in new debt. As part of the deal Jon Rubinstein, former SVP of hardware engineering and head of the iPod division at Apple, has joined Palm as executive chairman of the board. Elevation's co-founders Fred Anderson and Roger McNamee have also joined Palm's board of directors. After the reshuffling, the board now has nine members instead of eight.
For more on Palm's partial sale to Elevation:
- check out this press release