Regulators OK Palm Private Equity Stake
12.07.2007 15:38
Computers
- Source: Forbes
Federal antitrust regulators approved private equity firm Elevation Partners LP's $325 million purchase of a 25 percent stake in smart-phone manufacturer Palm Inc., without imposing any conditions. The deal was announced last month. Elevation's five partners include rock star Bono, lead singer of the group U2; and Fred Anderson, Apple Inc. (nasdaq: AAPL - news - people )'s former chief financial officer. Palm, (nasdaq: PALM - news - people ) best known for its Treo line of smart phones, which offer digital photography, video and Web-surfing capabilities, is facing increasing competition in the high-end handset market from Apple's iPhone and others. The Federal Trade Commission included the Elevation-Palm deal on a list of transactions Thursday that received an "early termination" of their antitrust review. Early termination refers to the completion of a review before the end of a 30-day waiting period specified under antitrust law. Palm shares rose 7 cents to $16.65 in morning trading Thursday. Copyright 2007 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed
|