HP to acquire Palm for nearly $1 billion in cash
By APWednesday, April 28, 2010
HP to acquire Palm for nearly $1 bln in cash
PALO ALTO, Calif. — Computer maker Hewlett-Packard Co. has agreed to acquire struggling smart phone maker Palm Inc. for nearly $1 billion in cash.
The companies announced Wednesday they had agreed to the deal, which will see HP pay $5.70 for every Palm common share. Palm had closed trading Wednesday at $4.63 but traded as high as $18.09 in the past 52 weeks.
When debt is included, the deal values Palm at $1.2 billion.
The transaction is expected to close by the end of July.
HP said Palm’s webOS operating system will help it participate more aggressively in the fast-growing market for smart phones and connected mobile devices. It also said Palm’s current chairman and CEO, former Apple Inc. executive Jon Rubinstein, is expected to remain with the company.
Tags: California, North America, Palm, Palo Alto, United States
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April 28, 2010: 7:04 pm
In a surprising turn of events, Palo Alto-based HP [Hewlett-Packard] has just announced that it has acquired struggling Palm for approximately $1.2 billion, or $5.70 per share. |
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