Hewlett-Packard buys struggling Palm for $1bn in cash

Palm, a pioneer in the smart phone business, is being bought by US computer giant Hewlett-Packard (HP) for $1bn (£657m) cash.HP said Palm’s webOS operating system would help it expand more aggressively in the fast-growing market for smart phones and connected mobile devices.When Palm’s debt is included, the deal values the company at $1.2bn.
http://news.bbc.co.uk/2/hi/business/8650504.stmAlso see:With Palm, HP reboots mobile strategy
With its purchase of Palm, Hewlett-Packard acquired more than just a smartphone maker. It also picked up a whole new strategy for its mobile devices.HP said Wednesday it plans to acquire Palm for $1.2 billion, or $5.70 per share, which amounts to a 23 percent premium over Palm’s actual stock price at the end of the day. But for a leading technology company like HP with almost zero mobile phone presence and $13.5 billion in cash, picking up a company with a fully developed mobile operating system, a decent lineup of devices, and trove of mobile patents is a bargain. It will also make HP a viable competitor in the growing mobile market.
http://news.cnet.com/8301-31021_3-20003716-260.htmlPalm being bought by Hewlett-Packard for $1 billion
Hewlett-Packard is buying Palm for nearly $1bn in cash, ending a brief period when it had looked as though the troubled smartphone maker might be bought by rival phone makers HTC or the Chinese computer maker Lenovo.The $5.70 per share price represents a 23% premium over the price yesterday. Accounting for debt, which HP is also taking on, the transaction has a value of $1.2bn. It is expected to close by the end of July. Last year Palm stock traded at up to $18 – though that is a far cry from its 2000 high of $552.
http://www.guardian.co.uk/technology/blog/2010/apr/28/palm-hp-takeoverPalm now in the hands of HP [AFP/AP]
Hewlett-Packard has announced it it will buy struggling US mobile phone maker Palm for US$1.2 billion ($1.3 billion), giving the computer giant a foothold in the fast-growing market for smartphones.”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,” HP executive vice president Todd Bradley said.

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