HP Buys Palm For $1.2 Billion
HP has agreed to purchase Palm for $1.2 billion, the computer giant announced Wednesday. Both companies' boards of directors have approved the deal, HP said. The move gives HP a high-profile entry into the mobile phone space.
Palm has struggled in recent years, most recently when its Palm Pre smartphone failed to gain traction. CEO Jonathan Rubinstein is expected to remain with the company, HP said.
“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,” Todd Bradley, the executive vice president for HP's Personal Systems Group.