HP Completes $1.2 Billion Acquisition Of Palm, Plans webOS Slate PCs And Netbooks

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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.

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