Elevation Partners and Bono from U2 - Buys a Piece of PALM

It has been long rumored that PALM needs some life breathed into them...and who better to do that than Bono - of U2!

Elevation Partners was co-founded by U2's lead "Bono". It seems this guy has a vision and a new mission. To own a chunk of Palm.

It is reported that Palms shareholders just approve the partial sale of the company to Bono's team. Details of the deal are that Elevation is paying $325 million in cash for 25 percent of the company. Palm will pay out about $940 million in cash to shareholders for their reduced ownership in Palm. Nice chunk of change!

This new ownership also includes a change at the BOD level. Jonathan Rubinstein - who was the head of Apples iPod division-will be executive chairman.
On top of that - former Apple CFO Fred Anderson and Silicon Valley investor Roger McNamee are now with Elevation Partners. I am sure there is more brewing in this deal - we will watch this closely to seewhat they have in mind for good ole Palm!