Elevation Partners and Palm Inc. have announced that 25% of the company
has been purchased by the private equity firm, leading to the inclusion
of two former Apple executives and Elevation Partners executives to the company
and the board of directors.
Pending shareholder approval and completion of the transaction, former
Apple senior vice president of hardware engineering and head of the
iPod division Jon Rubinstein will join the board of directors as the
new executive chairman of the board. Elevation co-founders and managing
directors Fred Anderson and Roger McNamee will also join Palm as
members of the board of directors also pending on shareholder approval
and completion of the preferred stock purchase valued at a total of
$325 million dollars. The sale is expected to close in the third
quarter of the year.