HP To Acquire Palm For 1.2B
HP and Palm, Inc. (NASDAQ: PALM) 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.
The press release notes that Palm's chairman and CEO Jon Rubinstein, who previously served as a key Apple executive and is credited as being one of the primary minds behind the iPod, is expected to remain with the company.
Full Press Release