According to reports today, Palm has managed to snag another $100 million from Elevation Partners (the private equity team co-owned by Bono). The new figure gets tacked onto Palm’s existing $325 million buy-in from the firm. The previous sum was put towards the struggling handset / software-maker’s “strategic recapitalization,” and we can only assume this latest infusion is being used for the home stretch into that New OS and those New devices we’re expecting see come CES. It’s not completely surprising you’d want to juice your previous large investment, but if Palm’s numbers keep shifting downward, it seems unlikely this will be anything other than a Hail Mary. Even if Bono loses $100m in his couch cushions, it doesn’t mean Elevation Partners is in for the long haul.
Filed under: Cellphones
Palm nabs another $100m from Elevation Partners, takes it to the bridge originally appeared on Engadget on Mon, 22 Dec 2008 11:17:00 EST. Please see our terms for use of feeds.
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