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HP acquires Palm for $1.2 billion

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By Charles Starrett

Contributing Editor
Published: Wednesday, April 28, 2010
News Categories: Digital Media

HP and Palm have announced that they have reached an agreement for HP to purchase Palm at a price of $5.70 per share, or a total price of roughly $1.2 billion. The deal has been approved by both respective companies’ boards of directors. The announcement states that the “combination of HP’s global scale and financial strength with Palm’s unparalleled 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 unique webOS will allow HP to take advantage of features such as true multitasking and always up-to-date information sharing across applications.” Former Apple senior vice president and current Palm CEO and chairman Jon Rubinstein is expected to stay with the company; the move will put HP into direct competition with Apple in the smartphone category, where Palm’s Pre and Pixi smartphones compete with the iPhone.

“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.”

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Comments

1

I guess they turned down Gizmodo’s offer of $5,000.

Posted by ort on April 28, 2010 at 3:24 PM (PDT)

2

@#1,

ROFLOL!

Posted by sb on April 28, 2010 at 4:54 PM (PDT)

3

Anyone remember the HP iPod? Anyone? Really has nothing to do with this… just askin’.

Posted by Anyone? on April 28, 2010 at 5:57 PM (PDT)

4

My first Ipod was the HPod.  I still have it and it still works with the original Harddrive and all.

I see a HP Pad coming out with webOS soon.

Posted by theman on April 29, 2010 at 6:21 AM (PDT)

5

This is exciting news! HP can get the Palm’s OS integrated in their slates and netbooks and that would be like magic. A very high marketing company (HP) and a stable technical industry (Palm). Sounds like a good move!
Android OS

Posted by Michael Rothschild on April 29, 2010 at 4:11 PM (PDT)

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