After Bloomberg broke that Palm is selling itself and rumors of an HTC acquisition of Palm, it is now revealed that Palm has a new lease on life and the company has another investor. Harbinger Capital Partners has purchased a 9.48% stake in Palm for 16 million shares valued at $83 million as of Monday’s closing price of the stock.
Harbinger’s investment in Palm is viewed as a passive investment. Harbinger joins Elevation Partners in recent years to offer the company new life and funding; Elevation owns 30% of Palm.
Harbinger also recently acquired SkyTerra and is exploiting that investment in building out 4G LTE infrastructure.