Bono's company buys $120 million stake in Facebook
Add Bono to your Friends List. This week Bono's investment firm, Elevation Partners, has set its sights on Facebook.
Elevation, a private-equity firm that counts the Irish rock star as a key backer, has plunked down $120 million to enlarge its stake in the social-networking site, bringing its total investment in the company to $210 million.
And in contrast with recent investments Elevation's Facebook gamble appears to be successful. That will help Elevation persuade its investors to give it a one-year extension on investing the $1.9 billion its fund has raised.
Elevation shelled out $90 million last November, or $36 a share, for a 2.5-million-share stake in Facebook that amounted to about 1 percent of the company.
In its latest purchase of Facebook shares, Elevation has cut an even better deal, purchasing them at an average of $24 each. In total, Elevation's purchase price values the company at $14 billion, versus the $24 billion valuation reflected in the current secondary market.
Elevation partner Marc Bodnick is the brother-in-law of Facebook operating chief Sheryl Sandberg.
- Notre Dame lawsuit on health law is a huge...
- Irish nun quits Catholic church after claiming.
- Barry Manilow dismayed at how his Irish roots...
- Catholic Church lift ban and allow child...
- Judge awards Dubliner $5000 after Ryanair...
- Robin Gibb’s Irish wife tried desperate measure
- Ronald Reagan memorabilia including vial...
- When Irishwoman Katie Taylor goes for Olympic...
- Bobby Sands death was moment when all changed...
- Irish government spends over a hundred million.
- Barry Manilow dismayed at how his Irish roots...
- Channing Tatum shocked Rachel McAdams by...
- Irish nun quits Catholic church after claiming.
- Despite US and Australia success One Direction.
- Robert F Kennedy flies his children to Florida.
- Notre Dame lawsuit on health law is a huge...
- Want to live in a four-star luxury hotel...
- One Direction's Zayn Malik and Little Mix's...
- Irish woman carrying her father’s child claims.
- Coder Dojo takes Ireland by storm – new tech...
- Want to live in a four-star luxury hotel...
- Notre Dame lawsuit on health law is a huge...
- Barry Manilow dismayed at how his Irish roots...
- Notre Dame files lawsuit against Obama on...
- Irish nun quits Catholic church after claiming.
- Teenage sweethearts marry after 64 years...
- Catholic Church lift ban and allow child...
- Pope Benedict should not throw nuns under...
- Robin Gibb’s Irish wife tried desperate measure
- Facebook makes new billionaire Bono the richest
Pub Guide
Make a comment




