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HP to acquire Palm for US$1.2 Billion
Posted on 29-Apr-2010 08:46. | Tags Filed under: News.

HP and Palm, Inc. have entered into a definitive agreement under which HP will purchase Palm, at a price of US$5.70 per share of Palm common stock in cash or an enterprise value of approximately US$1.2 billion. The transaction has been approved by the HP and Palm boards of directors.

Palm designs and manufactures smartphones powered by the Palm webOS mobile operating system.

The company says the combination of HP’s global scale and financial strength with Palm’s webOS platform will enhance HP’s ability to participate more aggressively in the fast-growing, highly profitable smartphone and connected mobile device markets. Palm’s webOS will allow HP to take advantage of features such as true multitasking and always up-to-date information sharing across applications.

“Palm’s innovative operating system provides an ideal platform to expand HP’s mobility strategy and create a unique HP experience spanning multiple mobile connected devices,” said Todd Bradley, executive vice president, Personal Systems Group, HP. “And, Palm possesses significant IP assets and has a highly skilled team. The smartphone market is large, profitable and rapidly growing, and companies that can provide an integrated device and experience command a higher share. Advances in mobility are offering significant opportunities, and HP intends to be a leader in this market.”

“We’re thrilled by HP’s vote of confidence in Palm’s technological leadership, which delivered Palm webOS and iconic products such as the Palm Pre. HP’s longstanding culture of innovation, scale and global operating resources make it the perfect partner to rapidly accelerate the growth of webOS,” said Jon Rubinstein, chairman and chief executive officer, Palm. ”We look forward to working with HP to continue to deliver industry-leading mobile experiences to our customers and business partners.”

Palm’s current chairman and CEO, Jon Rubinstein, is expected to remain with the company.

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