Palm sells 25% stake
Smartphone maker Palm will sell a 25% stake to private equity firm Elevation Partners for $325 million and name the former technical guru behind the iPod to be chairman, the company said Monday. The deal with the long-term investor brings significant new leadership to Palm, which has been battling stiffening competition in a market that is only going to get tougher with Apple’s June 29 debut of the iPhone.
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