https://www.channelfutures.com/wp-content/themes/channelfutures_child/assets/images/logo/footer-new-logo.png
  • Home
  • Technologies
    • Back
    • SDN/SD-WAN
    • Cloud
    • RMM/PSA
    • Security
    • Telephony/UC/Collaboration
    • Cable
    • Mobility & Wireless
    • Fiber/Ethernet
    • Data Centers
    • Backup & Disaster Recovery
    • IoT
    • Desktop
    • Artificial Intelligence
    • Analytics
  • Strategy
    • Back
    • Mergers and Acquisitions
    • Channel Research
    • Business Models
    • Distribution
    • Technology Solutions Brokerages
    • Sales & Marketing
    • Best Practices
    • Vertical Markets
    • Regulation & Compliance
  • MSP 501
    • Back
    • 2022 MSP 501 Rankings
    • 2022 NextGen 101 Rankings
  • Intelligence
    • Back
    • Galleries
    • Podcasts
    • From the Industry
    • Reports/Digital Issues
    • Webinars
    • White Papers
  • Channel Futures TV
  • EMEA
  • Channel Chatter
    • Back
    • People on the Move
    • New/Changing Channel Programs
    • New Products & Services
    • Industry Honors
  • Resources
    • Back
    • Advisory Boards
    • Industry Organizations
    • Our Sponsors
    • Advertise
    • 2023 Editorial Calendar
  • Awards
    • Back
    • 2022 MSP 501
    • Channel Influencers
    • Circle of Excellence
    • DE&I 101
    • Technology Advisor 101 (TA 101)
  • Events
    • Back
    • 2023 Call for Speakers
    • CP Conference & Expo
    • MSP Summit
    • Channel Partners Europe
    • Channel Partners Event Coverage
    • Webinars
    • Industry Events
  • About Us
  • DE&I
Channel Futures
  • NEWSLETTER
  • Home
  • Technologies
    • Back
    • SDN/SD-WAN
    • Cloud
    • RMM/PSA
    • Security
    • Telephony/UC/Collaboration
    • Cable
    • Mobility & Wireless
    • Fiber/Ethernet
    • Data Centers
    • Backup & Disaster Recovery
    • IoT
    • Desktop
    • Artificial Intelligence
    • Analytics
  • Strategy
    • Back
    • Mergers and Acquisitions
    • Channel Research
    • Business Models
    • Distribution
    • Technology Solutions Brokerages
    • Sales & Marketing
    • Best Practices
    • Vertical Markets
    • Regulation & Compliance
  • MSP 501
    • Back
    • 2022 MSP 501 Rankings
    • 2022 NextGen 101 Rankings
  • Intelligence
    • Back
    • Galleries
    • Podcasts
    • From the Industry
    • Reports/Digital Issues
    • Webinars
    • White Papers
  • Channel Futures TV
  • EMEA
  • Channel Chatter
    • Back
    • People on the Move
    • New/Changing Channel Programs
    • New Products & Services
    • Industry Honors
  • Resources
    • Back
    • Advisory Boards
    • Industry Organizations
    • Our Sponsors
    • Advertise
    • 2023 Editorial Calendar
  • Awards
    • Back
    • 2022 MSP 501
    • Channel Influencers
    • Circle of Excellence
    • DE&I 101
    • Technology Advisor 101 (TA 101)
  • Events
    • Back
    • 2023 Call for Speakers
    • CP Conference & Expo
    • MSP Summit
    • Channel Partners Europe
    • Channel Partners Event Coverage
    • Webinars
    • Industry Events
  • About Us
  • DE&I
    • Newsletter
  • REGISTER
  • MSPs
  • VARs / SIs
  • Agents
  • Cloud Service Providers
  • Channel Partners Events
 Channel Futures

People on the Move


Palm to Sell 25 Percent Stake

  • Written by Channel
  • June 4, 2007

Palm Inc. said Monday it will sell a 25 percent stake to private equity firm Elevation Partners for $325 million and name former Apple Inc. executive Jon Rubinstein as chairman.

The deal calls for the company to pay $9 per share, or about $940 million, in a special distribution to shareholders. The company said funds from the investment, cash on hand and about $400 million in new debt would go toward that distribution.

The smartphone maker said the deal will leave it with $300 million in cash. Elevation said the investment is its largest ever.

Rubinstein, the former Apple senior vice president of hardware engineering and head of the iPod division, will become chairman of when the deal closes. Elevation managing directors and co-founders Fred Anderson and Roger McNamee also will join the Palm board.

“As a result of this transaction, we will strengthen the Palm leadership team and create a more effective capital structure, which puts us in a great position to attract new talent, significantly strengthen our execution capabilities, and deliver long-term shareholder value,” said Ed Colligan, president and CEO of Palm.

Rubinstein ran Apples iPod division from 2004 to 2006. Anderson was former CFO at Apple and recently paid $3.5 million in fines to the Security and Exchange Commission without admitting any wrongdoing in a stock options probe at Apple.

The Palm transaction is expected to close during the third quarter and faces customary regulation and shareholder approval. The companys stock was up $1.56 at $17.65 about a half hour before the market was set to close on Monday.

Rock star Bono is one of Elevation Partners five partners.

Elevation Partners www.elevation.com
Palm Inc. www.palm.com

Tags: Agents People on the Move

Most Recent


  • Select, circle individual
    Broadvoice Appoints 8x8, Mitel Vet as VP of Channel Partnerships and Alliances
    He brings UCaaS and CCaaS leadership to Broadvoice's partnership strategy.
  • Rob Rae
    Pax8 Lands Well-Known Channel Leader, Influencer Rob Rae
    The former senior VP of business development at Datto has a new title at a new company.
  • Opti9's Katlyn Taylor
    Channel People on the Move: Lumen, HPE, Fortinet, Five9, Comcast, More
    Plus, moves at Sangoma, Cato Networks, Avant Communications and many more.
  • Employee-person-man going out exit door
    IT Nation Leader Craig Fulton Leaving ConnectWise After 16 Years
    ConnectWise experienced massive growth during Fulton's tenure.

Leave a comment Cancel reply

-or-

Log in with your Channel Futures account

Alternatively, post a comment by completing the form below:

Your email address will not be published. Required fields are marked *

Related Content

  • Welcome stick figures
    Another Telarus Alum Joins Scott Forbush at Upstack
  • opportunity
    MSOs: CableFinder Tool Key to MSP Channel Convergence
  • Upstack's Scott Forbush
    Channel People on the Move: AT&T, Datto, Tech Data, TBI, More
  • SaaS provider
    CX Effect Taps Evolve IP, ShoreTel Alum, Courts Agents

Upcoming Events

View all

Channel Partners Conference & Expo

May 1, 2023 - May 4, 2023

Channel Partners Europe

June 13, 2023 - June 14, 2023

Channel Futures Leadership Summit

October 30, 2023 - November 2, 2023

Galleries

View all

Zero Trust World 2023: ThreatLocker Unleashes Ops Threat-Detection Tool

February 2, 2023

Telecom-IT Layoff Tracker 2023: Cisco, RingCentral, Microsoft, 8×8, Sophos, More

February 2, 2023

January’s Tech Layoff Scourge: Deep Dive Into Channel Impact

February 2, 2023

Industry Perspectives

View all

How to Break Through the Growth Ceiling

February 1, 2023

5 Things to Look for in a UC Partner

January 31, 2023

The Benefits of Hiring an Investment Bank

January 30, 2023

Webinars

View all

Next-Generation MSP Platform: The Building Blocks for Your Business

February 15, 2023

How To Boost Your Business With White-Label UCaaS

February 28, 2023

Security Secrets of the MSP 501: How to Be a Cyber Leader in 2023

December 15, 2022
  • 1

White Papers

View all

6 UCaaS Reseller Challenges and How Real World Businesses Solved Them

February 1, 2023

Frost Radar: North American UCaaS Market, 2022

February 1, 2023

The Complete Guide to White-Label UCaaS for Reseller Success

February 1, 2023

Channel Futures TV

View all

Coffee with Craig and James Episode 117: Cato Networks, Video Killed the Podcast Stars

Retired Astronaut Capt. Scott Kelly Previews His CP Expo Keynote

December 21, 2022

Fusion Connect Eyes Future with Intrado UC, Managed Network Customers

September 23, 2022

RingCentral Focused on Hybrid Work, Microsoft Teams, Other Integrations

September 23, 2022

Twitter

ChannelFutures

Day 2 of #ZTW: @ThreatLocker unveils new Ops threat detection tool. dlvr.it/Shs93Y https://t.co/dAnj6IUiF2

February 3, 2023
ChannelFutures

.@broadvoice appoints a channel vet as new program leader. Before joining the company, he had risen through the ran… twitter.com/i/web/status/1…

February 2, 2023
ChannelFutures

More activity over at @Pax8 (which just hired @RobTRae): the #cloud marketplace firm has purchased @BamBoomCloud.… twitter.com/i/web/status/1…

February 2, 2023
ChannelFutures

.@SamsungMobile launches #GalaxyS23 phones, new #GalaxyBook3Ultra at Samsung Unpacked. dlvr.it/ShrW8G https://t.co/DloltwdMsE

February 2, 2023
ChannelFutures

The new partnership between Channel Futures and @ITExchangeNet is poised to benefit the partner community.… twitter.com/i/web/status/1…

February 2, 2023
ChannelFutures

.@JuniperNetworks announces transition to “solution building outcomes," addresses pain points around quoting, prici… twitter.com/i/web/status/1…

February 2, 2023
ChannelFutures

Day 1 of #ZTW23: @ThreatLocker hopes attendees walk away smarter about #zero trust and cybersecurity.… twitter.com/i/web/status/1…

February 2, 2023
ChannelFutures

6 UCaaS Reseller Challenges and How Real World Businesses Solved Them dlvr.it/ShpCHp https://t.co/Av6eJmYnnF

February 1, 2023

MSP 501

The industry's largest and most comprehensive partner awards program.

Newsletters and Updates

Sign up for The Channel Report, Channel Futures Update, MSP 501 Newsletter and more.

Live Channel Events

Get the latest information on the next industry-leading Channel Partners event.

Galleries

Educational slide shows and images from live events.

Media Kit And Advertising

Want to reach our audience? Access our media kit.

DISCOVER MORE FROM INFORMA TECH

  • Channel Partners Events
  • Telecoms.com
  • MSP 501
  • Black Hat
  • IoT World Today
  • Omdia

WORKING WITH US

  • Contact
  • About Us
  • Advertise
  • Newsletter

FOLLOW Channel Futures ON SOCIAL

  • Privacy
  • CCPA: “Do Not Sell My Data”
  • Cookie Policy
  • Terms
Copyright © 2023 Informa PLC. Informa PLC is registered in England and Wales with company number 8860726 whose registered and Head office is 5 Howick Place, London, SW1P 1WG.
This website uses cookies, including third party ones, to allow for analysis of how people use our website in order to improve your experience and our services. By continuing to use our website, you agree to the use of such cookies. Click here for more information on our Cookie Policy and Privacy Policy.
X