Wednesday, October 24, 2007

Palm closes strategic recapitalization

Palm announced that <A HREF="http://investor.palm.com/releaseDetail.cfm?ReleaseID=271181">its recapitalization plan with the private-equity firm Elevation Partners</A> has closed, positioning Palm to lead the next phase of the smartphone and mobile-computing markets. Elevation has invested $325 million in Palm, and the company will utilize these proceeds along with existing cash and $400 million of new debt to finance a $9 per share cash distribution. Palm shareholders of record as of Oct. 24, 4 p.m. EDT, should receive the cash distribution within approximately 10 business days.

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