Bono's Elevation Partners Sells Palm To HP
April 29, 2010 at 4:26 AM (PT)
HEWLETT-PACKARD has agreed to buy smartphone maker PALM for $1.2 billion, "providing U2 frontman BONO a small profit on an investment that had been souring as PALM continued to lose market share to rivals APPLE and RESEARCH IN MOTION," reports THE NEW YORK POST.
PALO ALTO, CA-based HP will pay $5.70 a share in cash, equal to $1 billion, plus assume $200 million in PALM debt.
BONO’s ELEVATION PARTNERS managed to make a small profit on its PALM investment. The HP purchase price represents more than a 50% premium to the stock price when news broke that the gadget maker was on the block. Shares surged 27% in after-hours trading to $5.85.