Bloomberg writes Palm is working with Goldman Sachs and Qatalyst Group to find a buyer. The smartphone maker is in need of money due to its declining business, Berenberg Bank analysts estimate the company may burn $80 million per quarter for the next five quarters as competition in the smartphone market intensifies.
Palm Inc., creator of the Pre smartphone, is seeking bids for the company as early as this week, according to three people familiar with the situation.
The company is working with Goldman Sachs Group Inc. and Frank Quattrone’s Qatalyst Partners to find a buyer, said the people, who declined to be identified because a sale hasn’t been announced. Taiwan’s HTC Corp. and China’s Lenovo Group Ltd. have looked at the company and may make offers, said the people.