HP announced 1.2 billion cash for Palm

April 29 news, HP said the acquisition will be 12 million in cash Palm, purchase price is 5.7 U.S. dollars per share. The acquisition has been approved by the Board HP and Palm, Palm still needs shareholder approval.

Palm Google in competition with Apple's lack of sufficient cash, business operations problems, and now you can get the help of HP leveraging up. Prior to this, Huawei has been rumored, and HTC, Dell buyers for the Palm, HP has not been much mention.

Closed this week when the three, Palm shares to 4.63 U.S. dollars per share, in the past 52 weeks, the highest price of 18.09 U.S. dollars Palm. HP's acquisition of Palm is expected to spend one billion U.S. dollars in cash, plus debt, including the total amount of 1.2 billion U.S. dollars. HP said, webOS HP Attacking the operating system can help rapid growth of the smart phone market. Palm incumbent CEO, the former Apple executive Jon Rubinstein is expected to remain with the company.

This acquisition is for the two companies have special significance: Palm unsatisfactory in the sale of Verizon Wireless, but it has innovative software, smart phone design is poor. Company after the sale, the largest shareholder of Elevation Partners will fully leave the Palm. On the HP, the acquisition means that Mark Hurd at the helm of Palm has another IT giant battlefield. In addition iPaq, Hewlett-Packard flat area in the smart phone, before that, PC maker Lenovo and Dell are on the Palm has developed a taste, the first to buy HP also brisk walking step.

HP said in a statement the following strategies: 1, acquisition of Palm's WebOS; 2, leveraging HP's vast size and resources to help Palm breakthrough; 3, using HP's channels and business relationships, make Palm a heavyweight business. 4, to create a mobile ecosystem.

Acquisition will be formally ended on July 31.

HP is the world's largest technology company, with 300,000 employees. The United States today, 2 PM Pacific time (6:00 am Beijing time on the 30th), Hewlett-Packard will hold a web conference announced the details of the transaction. Meeting by the Vice President of HP's Personal Systems Group Todd Bradley presided.