Palm is looking for investors as it prepares to launch a new smartphone. The phone maker is forcing Elevation Partners to sell almost half of the USD100m worth of Palm shares the private equity investor bought in January. Elevation will receive the USD49m it paid for the shares, with Palm gaining the rest of the net proceeds.
Palm is facing increased competition in the smartphone space from rivals such as RIM and Apple. The company is about to unveil a touch-screen device, the Palm Pre.
StrategyEye's related categories: Mobile Phones & PDAs, Finance - Private Equity
StrategyEye's related companies: Research In Motion, Palm, Apple, Inc., Elevation Partners
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