Bono’s Elevation Partners Takes 25% Stake In Palm Inc.

Palm Inc.

The deal with Elevation Partners — which agreed to invest $325 million for a 25 percent stake in Palm — will infuse new talent in the handheld computer pioneer as it battles stiffening competition that will only get tougher with Apple Inc.’s June 29 launch of the iPhone. []

In other news, Palm also just announced a new non-smartphone, non-laptop device (it’s a mobile companion actually) called the Foleo. Some industry observers are less than enthused.