Last updated: Wednesday, December 24, 2008

BONO PALMS OVER $100 MILLION

U2 frontman BONO's investment firm will give another $100 million (GBP67.6 million) to rescue smart telephone maker Palm Inc.

Bono attending the Freud Annual Christmas Party, London, England - 18.12.08

The Irish rocker's Elevation Partners company announced on Monday (22Dec08) it would make the investment to save the debt-riddled firm, the maker of Treo and Centro smart phones, as it prepares to introduce new products next month (Jan09).

The California-based private-equity business, which counts Bono as a managing partner, pumped $325 million (GBP219.6 million) into Palm in October 2007 in exchange for a 25 per cent stake in the company.

Palm reported a loss of $506 million (GBP341.9 million) in its most recent quarter; Elevation's investment will raise the firm's stake to 39 per cent, reports the New York Post.

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Source: WENN

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