Hewlett-Packard to Acquire Palm in $1.2 Billion Deal
by
Apr 28th 2010 4:30PM
Updated Apr 28th 2010 5:16PM
PALO ALTO, Calif. - Computer maker Hewlett-Packard Co. (HPQ) has agreed to acquire struggling smart phone maker Palm Inc. (PALM) for nearly $1 billion in cash.
The companies announced Wednesday they had agreed to the deal, which will see HP pay $5.70 for every Palm common share.
When debt is included, the deal values Palm at $1.2 billion.
The transaction is expected to close by the end of July.
HP said Palm's webOS operating system will help it participate more aggressively in the fast-growing market for smart phones and connected mobile devices.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The companies announced Wednesday they had agreed to the deal, which will see HP pay $5.70 for every Palm common share.
When debt is included, the deal values Palm at $1.2 billion.
The transaction is expected to close by the end of July.
HP said Palm's webOS operating system will help it participate more aggressively in the fast-growing market for smart phones and connected mobile devices.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
