Video conferencing company Polycom is acquiring the assets of HP’s Visual Collaboration business, including the Halo Products and Managed Services business according to a release issued by both companies this morning. The acquisition, which is valued at $89 million, is expected to close in Q3 2011.

Part of the deal, HP and Polycom have established a strategic relationship in which Polycom will be an exclusive provider to HP for telepresence, including both resale and internal HP deployments. The two companies have also agreed to make Polycom’s video applications available for HP’s WebOS platform and TouchPad line.

Polycom also announced an Open Visual Communications Consortium, which is an open video exchange cloud with carriers, including AT&T, Verizon, BT, and Telefonica, to help expand teleconferencing beyond corporate firewalls and proprietary video platforms.