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That's a Wrap! HP Completes Palm Acquisition
HP today announced it has completed its acquisition of Palm Inc. at a price of $5.70 per share of Palm common stock in cash.
"With webOS, HP will deliver its customers a unique and compelling experience across smartphones and other mobility products," said Todd Bradley, executive vice president, Personal Systems Group, HP. "This allows us the opportunity to fully engage in growing our smartphone family offering and the footprint of webOS."
Under Jon Rubinstein, former Palm chairman and chief executive officer, the Palm global business unit will report to Bradley. Palm will be responsible for webOS software development and webOS based hardware products, from a robust smartphone roadmap to future slate PCs and netbooks.
"With HP's full backing and global strengths, I'm confident that webOS will be able to reach its full potential," said Rubinstein. "This agreement will accelerate the development of this incredible platform with new resources, scale and support from a world-respected brand."
The announcement pointed out how HP's global scale and financial strength plus Palm's award-winning webOS experience, as well as its acclaimed Pre and Pixi smartphone product lines, will enhance HP's ability to participate more aggressively in the highly profitable, $100 billion smartphone and connected mobile device markets.
Source: Hewlett-Packard
Watch for full coverage on our sister site, PreCentral. For example, here's a post that includes video from a sit down HP's CTO, Phil McKinney had with Ben Galbraith and Dion Almaer. The three chat about McKinney's place in HP, HP's interest in Palm.
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