Palm sells 25% stake to Bono's PE firm

Elevation, which counts U2's Bono as one of its partners, invested $325 million for a 25 percent stake in Palm, the Treo maker. As part of the investment, Palm will benefit from the oversight of a number of former Apple executives who are now with Elevation. Apple's former iPod division head, Josh Rubinstein, will join Palm as the executive chairman of the board. Fred Anderson, former Apple CFO will join the board, too. Elevation's Roger McNamee will also join the board. Eric Benhamou and Scott Mercer will quit Palm's board of directors, which gives the Elevation executives three of the nine positions. Elevation's last big investment was a $300 million infusion in Forbes media empire.

For more on Palm's new board members:
- read this article from The Financial Times

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