U2 frontman Bono's investment firm will give another $100 million (GBP67.6 million) to rescue smart telephone maker Palm Inc.
The Irish rocker's Elevation Partners company announced on Monday (22Dec08) it would make the investment to save the debt-riddled firm, the maker of Treo and Centro smart phones, as it prepares to introduce new products next month (Jan09).
The California-based private-equity business, which counts Bono as a managing partner, pumped $325 million (GBP219.6 million) into Palm in October 2007 in exchange for a 25 per cent stake in the company.
Palm reported a loss of $506 million (GBP341.9 million) in its most recent quarter; Elevation's investment will raise the firm's stake to 39 per cent, reports the New York Post.