Wednesday, April 28, 2010

HP to Acquire Palm for $1.2B

Earlier today, Hewlett-Packard announced their intention to acquire troubled smartphone maker, Palm for $1.2 billion dollars, or $5.70 per common Palm share.

Palm announced the deal on their corporate blog by posting:
"In case you didn't hear, we just announced a merger with a little shop down the street called HP. That little shop happens to be the world’s largest technology company, and certainly one of the most revered companies in all of tech-land. Can you say "webOS acceleration"? We’re pretty excited, and pleased we surprised the world again."
In a separate posting, HP wrote:

“Palm’s innovative operating system provides an ideal platform to expand HP’s mobility strategy and create a unique HP experience spanning multiple mobile connected devices,” said Todd Bradley, executive vice president, Personal Systems Group, HP. “And, Palm possesses significant IP assets and has a highly skilled team. The smartphone market is large, profitable and rapidly growing, and companies that can provide an integrated device and experience command a higher share. Advances in mobility are offering significant opportunities, and HP intends to be a leader in this market.”

“We’re thrilled by HP’s vote of confidence in Palm’s technological leadership, which delivered Palm webOS and iconic products such as the Palm Pre. HP’s longstanding culture of innovation, scale and global operating resources make it the perfect partner to rapidly accelerate the growth of webOS,” said Jon Rubinstein, chairman and chief executive officer, Palm. ”We look forward to working with HP to continue to deliver industry-leading mobile experiences to our customers and business partners.”

You can read HP's full press release on the HP news release website.
Post a Comment