Palm Sells 25% Stake to Private Firm
Jun 4, 2007, 8:18 AM by (staff)
Less than a week after releasing the Foleo Treo companion device, Palm announced that it has sold 25% of the company to a private equity firm, Elevation Partners. Elevation paid $325 million for its quarter share of Palm, which is reorganizing itself in an attempt to strengthen the business. As part of the restructure, Palm is bringing in Jon Rubinstein as executive chairman to help manage the company. Rubinstein formerly ran Apple's iPod division. Also as part of the deal, Fred Anderson, Apple's former CFO, and Roger McNamee, a co-founder of Silver Lake Partners, will join the board. Palm will pay a $940 million dividend to shareholders, which breaks down to $9 per share. U2's Bono is one of the founders and investors of Elevation Partners.
TCL to Revive Palm with Help from the Tech Community
TCL Communications, the parent company of Alcatel OneTouch, today confirmed to Phone Scoop that it has acquired the Palm brand and plans to revive the failed tech company. "We are interested in the brand because we believe the brand has value," said TCL CEO George Guo.
Private Investors Buy OmniVision for $1.9 Billion
OmniVision has agreed to allow a consortium of private investors purchase the company for about $1.9 billion. OmniVision makes digital imaging products, such as camera sensors for smartphones.
Apple Hit with $533 Million Judgment in Patent Trial
Apple was found guilty of infringing on three patents held by a company called Smartflash and must pay the firm $532.9 million. A federal jury in Texas reached the verdict Tuesday and said Apple violated the patents willfully.
Apple Scoops Up Mapsense
Apple has purchased a small mapping company called Mapsense, reports Re/Code. Apple paid between $25 million and $30 million for the San Francisco-based firm, which "builds tools for analyzing and visualizing location data." The company's 12-person team will be folded into Apple's Cupertino headquarters.
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