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It’s not the acquisition we were hoping for, but it looks like Palm has finally given in to the suits and wants to reorganize.  Private equity firm Elevation Partners plans to shell out $325 million for 25% of Palm’s shares.  Elevation Partners is partially funded by Bono and a few former Apple execs - including Apple’s former CFO Fred Anderson, and Apple’s retired head of hardware (iPod) Jon Rubinstein.  Both have plans to join Palm’s Board of Directors.  As a part of the deal, Palm’s chairman, Eric Benhamou, and another director for the company, Scott Mercer, will leave the company’s board.

This seems like a good move on Palm’s part since they really do need some help reorganizing, as well as coming up with some new more exciting products.

Via [MocoNews]