HP Enters Smartphone Segment With Palm Acquisition

Finally the drama surrounding the acquisition of Palm came to an end with Hewlett Packard announcing that the company is acquiring Palm for an estimated $1.2 billion.

Making the announcement on the company’s website, Todd Bradley, executive vice president, Personal Systems Group at HP said,

“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. And, Palm possesses significant IP assets and has a highly skilled team. The smartphone market is large, profitable and rapidly growing, and companies that can provide an integrated device and experience command a higher share. Advances in mobility are offering significant opportunities, and HP intends to be a leader in this market.”

The acquisition is expected to be completed by July 31st of this year with every shareholder of Palm receiving $5.70 in cash for the stock that they hold.

[via HP]