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Bono to benefit from Palm sale?

Bono to benefit from Palm sale?

Anti-poverty campaigner-cum-midget-messiah Bono's private equity company is in line for massive windfall if Palm is acquired by a rival phone manufacturer.

Elevation Partners holds 41 per cent of Palm, which has been struggling this year after sales of the Pre failed to match expectations.

However, this week rumours of the prospective sale of the beleaguered smartphone maker to HTC have sent share prices soaring, as the markets get ready for a takeover bid.

Commenting on developments, Analyst Frank He told the Bloomberg news agency: "Palm still has quite a good brand in the US market and some strong technology, you can do something with it.

"The shares have gone down a lot and the company may become attractive to anyone looking for a turnaround play."

Bono's leveraged buyout company bought into Palm in 2007 when it spent over £200 million on a 25 per cent stake.

Since then, it has continued to build up its holding and was instrumental in the installation of ex-Apple executive Jonathan Rubinstein as head honcho.

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