HP Buys Palm for US$1.2 Billion

HP Buys Palm for US$1.2 Billion

After weeks of speculation, the eventual buyer of Palm has turned out to be one of the unlikeliest of candidates - HP. Ever since Palm started looking for a buyer, many companies have been tossed up as potential buyers, including HTC and Lenovo, but we doubt that HP was ever on that list. Could HP get the full potential out of Palm's WebOS? And will we see that OS popping up on netbooks and tablets from HP in the future? More details will surely be revealed about such future plans after the deal is finalized.

HP.com - HP and Palm, Inc. today announced that they have entered into a definitive agreement under which HP will purchase Palm, a provider of smartphones powered by the Palm webOS mobile operating system, at a price of $5.70 per share of Palm common stock in cash or an enterprise value of approximately $1.2 billion. The transaction has been approved by the HP and Palm boards of directors.

Click here for the full press release.


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