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Thursday, April 29, 2010

HP to buy Palm

PalmTechnology company HP has agreed to purchase smartphone manufacturer Palm for a total of approximately $1.2 billion. It's a 'friendly' takeover that has been approved by the HP and Palm boards of directors. Palm shareholders will receive $5.70 in cash for each Palm share they hold when the merger is completed. The transaction is expected to close by the end of July.

Palm’s current chairman and CEO, Jon Rubinstein, is expected to remain with the company. In a statement, HP says combining HP’s global scale and financial strength with Palm’s webOS platform will enhance HP’s ability to participate more aggressively in the smartphone and connected mobile device markets.

Todd Bradley, executive vice president of HP's Personal Systems Group, said "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. 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."

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Author: The Fonecast
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Categories: Handsets and manufacturers, Operating systems, NewsNumber of views: 6403

Tags: hp palm

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