HP will acquire Palm


So now it's official. Not HTC, not Lenovo, it's HP.

HP, what do you mean "what HP?", the one that used to create the iPaq devices, remember them?

“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, Personal Systems Group, HP. “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.”

HP will purchase Palm at a price of $5.70 per share of Palm common stock in cash or an enterprise value of approximately $1.2 billion.

Palm's webOS might get a serious boost now, with a powerful company such as HP pushing it. It may also mean HP will stop developing Windows Phones, therefore another piece of bad news to Microsoft…

You can find the formal press release in here.