Feeds

HP agrees to buy Palm for $1.2bn

Pre sale

Secure remote control for conventional and virtual desktops

HP has agreed to buy beleaguered handheld maker Palm for $1.2bn.

The two companies announced the deal with a press release Wednesday afternoon, and they plan to hold a joint conference call with analysts and stockholders later in the day.

HP has agreed to purchase the company behind the Pre smartphone and its webOS at a price of $5.70 per share of Palm common stock, and the deal has been approved by boards of both companies. “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,” reads a canned statement from Todd Bradley, executive vice president in HP's personal systems group.

“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.”

Under the agreement, Palm stockholders will receive $5.70 in cash for each share they hold at the close of the merger. It's expected that the merger will close during HP's third quarter, which ends on July 31.

It's also expected that Palm CEO Jon Rubinstein will join HP. As recently as last week, Rubinstein vowed that his company could make it on its own. He told the Financial Times that he "believe[s] Palm can survive as an independent company" and that the company has "a plan that gets us to profitability." ®

Boost IT visibility and business value

More from The Register

next story
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Premier League wants to PURGE ALL FOOTIE GIFs from social media
Not paying Murdoch? You're gonna get a right LEGALLING - thanks to automated software
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
XBOX One will learn to play media from USB and DLNA sources
Hang on? Aren't those file formats you hardly ever see outside torrents?
Class war! Wikipedia's workers revolt again
Bourgeois paper-shufflers have 'suspended democracy', sniff unpaid proles
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Solving today's distributed Big Data backup challenges
Enable IT efficiency and allow a firm to access and reuse corporate information for competitive advantage, ultimately changing business outcomes.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.