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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles Hewlett Packard To Buy Palm For $1.2 Billion Email Facebook Digg Twitter Buzz Up! ShareThis April 28, 2010 6:09 p.m. EST Topics: science and technology, merger, acquisition and takeover, company information, economy, business and finance, electronics, United States Mitchell Jaworski - AHN News Reporter Palo Alto, CA, United States (AHN) - Hewlett Packard announced Wednesday that it will acquire Palm Inc. in an all cash deal worth $1.2 billion. The deal values Palm at roughly $5.70 a share. The move by world’s biggest computer maker gives it an immediate presence in the smartphone market, an area it would like expand in as growth prospects are strong. “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," said Todd Bradley, executive vice president of HP’s Personal Systems Group. By acquiring Palm, HP has put itself right in the game with smartphone leaders Research in Motion and Apple Inc. HP has its own smartphone, called iPaq, but it has failed to gain any traction to give the company a footprint in the market. Palm holds an established, be it small, market share in the smartphone market with its Pre device. The firm also has several patents on hardware, software and power technologies that HP will receive. HP’s board of directors has approved the transaction, which is expected to close by the end of July. It is expected that HP will retain Palm’s current Chairman and CEO Jon Rubinstein after the deal is complete. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Most Popular Stories Lea Michele And Matthew Morrison Reportedly Had A Fling Before "Glee" Suntanned Women In Iran Face Arrest For Breaking Islamic Law Raiders To Release Quarterback Russell In Effort To Save Money Warner Bros. Teams Up With IMAX To Release "The Hobbit," "Harry Potter," "Batman" Bret Michaels’ Test Results Indicate Setback Paulina Porizkova Calls Heidi Montag A "Modern Tragedy" "RuPaul's Drag Race" Finale Becomes Logo Network's Highest Rated Telecast Ever Britney Spears In Talks To Be Featured On "Glee" Bret Michaels Michael Jackson 3D Film "Captain EO" Returns To Walt Disney World In Florida Recent Posts Most Popular Comments Recent Comments Popular Threads Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat Follow AHN on Twitter AHN Social News connects you with friends and the news Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2010 AHN All Rights Reserved

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