HP Buys Palm

After being rejected by various big-time companies, Palm has finally found a savior in the form of HP. Palm, a provider of smartphones that run on webOS mobile operating system, will be bought by Hewlett-Packard for US$5.70 per share of Palm common stock or an enterprise value of about $1.2 billion. The deal is planned to close by July 31, marking the end of HP’s third fiscal quarter of the year.

Current Palm CEO Jon Rubinstein is “expected to remain with the company,” although it is unsure which position he will be holding.

Source: Engadget

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