As widely expected following the approval by Palm shareholders, the acquisition of the company by Hewlett-Packard for roughly $1.2 billion has today been announced closed.
The price, as previously announced, is $5.70 per share of Palm common stock, paid in cash.
Once again, HP repeats that it intends to double down on the innovative webOS platform and Palm’s line of smartphone. The company neatly points out that it has also just bought itself a bag of intellectual property.
Under Jon Rubinstein, former Palm chairman and CEO, the Palm global business unit will report to Todd Bradley, EVP of the Personal Systems Group at HP.
The Palm division will be responsible for, and I quote from the press release, webOS software development and webOS based hardware products, from a robust smartphone roadmap to future slate PCs and netbooks.
I, for one, look very much forward to what comes out of the merger.
Hewlett-Packard technology corporation headquartered in Palo Alto, California, USA. HP is one of the world’s largest information technology companies and operates in nearly every country. HP specializes in developing and manufacturing computing, data storage, and networking hardware, designing software and delivering services. Major product lines include personal computing devices, enterprise servers, related storage devices, as well as a diverse range of printers and other imaging products. HP markets its products to households, small to medium size businesses and enterprises...
Palm, Inc. was a leading mobile products company, creating instinctive yet powerful mobile products that enabled people to better manage their lives on the go. The company’s products for consumers, mobile professionals and businesses included Palm Treo and Centro smartphones and Palm handheld computers, as well as software, services and accessories. In July 2010, Palm was acquired by HP. The Palm brand was subsequently discontinued upon the introduction of webOS products under the HP brand.
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