HP buys Palm, HP to pay $1.2 Billion for Palm

Apr 29 2010, 1:06am CDT | by Luigi Lugmayr

HP announced to acquire Palm for $1.2 Billion. This is quite a surprise as rumors did not mention HP as a potential buyer. We only heard about Lenovo and HTC.
HP will purchase Palm at a price of $5.70 per share of Palm common stock in cash or an enterprise value of approximately $1.2 billion.

Based on the statements in HP's press-release the company is planning to expand the HP mobility strategy with the help of Palm's technology. Additionally HP sees a lot of value in the Palm IP assets.

HP and Palm is actually a good fit. The HP sales channel is huge and I can imagine that HP is able to build a significant smartphone business based on Palm's webOS.

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Luigi Lugmayr
Luigi is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.