Comments on: Palm Sells 25% Stake, Announces New Board Members
Elevation will invest $325 million in Palm as part a deal intended to reorganize and rejuvenate Palm. Palm plans to these proceeds along with existing cash and $400 million of new debt to finance the cash distribution.
Palm has also announced major changes to its Board of directors with long time Chairman Eric Benhamou stepping down. Jon Rubinstein, former senior vice president of hardware engineering and head of the iPod division at Apple, is joining Palm as executive chairman of the board.