Bono Invests In Palm
December 23, 2008 at 5:12 AM (PT)
BONO's investment firm, ELEVATION PARTNERS, is riding to the rescue of PALM INC., the embattled smart-phone maker that's deep in debt and undertaking a major repositioning early next year, reports THE NEW YORK POST. ELEVATION, which counts SILICON VALLEY investor ROGER MCNAMEE and the U2 lead singer as managing partners, said YESTERDAY (12/22) it would invest another $100 million into PALM, which makes TREO and CENTRO smart phones, as the company prepares to introduce new smart phones next month at the Consumer Electronic Show in LAS VEGAS.
PALM is one of ELEVATION's biggest bets. The MENLO PARK, CA-based private-equity shop, which has a $2 billion war chest, pumped $325 million into PALM in OCTOBER 2007 in exchange for a 25% stake.
Yesterday's additional investment raises ELEVATION's stake to 39%, and marks the first investment by ELEVATION in more than a year.