HP Buys Palm
It's official, after a few months of rumors and speculation, Hewlett-Packard, the world's largest technology company by revenue, confirmed plans to purchase Palm for $1.2 billion, ending a bout of rumors over the fate of the struggling handset maker.
The PC and smarphone giant views Palm's WebOS as the prized asset of the transaction, and says it plans to scale the mobile operating system across multiple connected devices, which has analysts to speculating that HP may be finalizing plans to enter the table device race in effort to compete with Apple's iPad.
Surprisngly, HP will shell out $5.70 per share for Palm, representing a 23 percent premium over the company's stock closing price on Wednesday. The deal is planned to close by July 31.
