Hewlett Packard announced the completion of its Palm acquisition at the price of $5.70 per a share of the common stock in cash of Palm.
This gives Hewlett Packard headway into one of the fastest growing segments of technology with the innovative Palm webOS and lineup of smartphones. It also gives HP a rich portfolio of intellectual property from the pioneer of smartphones.
The acquisition enhances the ability of Hewlett Packard to participate in the $100 billion smartphone and connected mobile device markets more aggressively.
Executive Vice President of Personal System Group at Hewlett Packard, Todd Bradley, said that with webOS, HP will deliver its customers a unique and compelling experience across smartphones and other mobility products. He also stated that this allows them the opportunity to fully engage in growing their smartphone family offering and the footprint of webOS.
The Palm global business unit will be under the former Palm chairman, Jon Rubinstein, reporting to Bradley. Palm will be also responsible for the webOS software development and hardware products that are based on it.
Former Palm chairman, Jon Rubinstein, said that with HP’s full backing and global strengths, he is confident that webOS will be able to reach its full potential. He also said that this agreement will accelerate the development of this incredible platform with new resources, scale and support from a world-respected brand.