HP has just announced that it’s acquiring Palm to the tune of $1.2 billion, which works out to $5.70 per share of Palm common stock. The deal is planned to close by July 31, which marks the end of HP’s third fiscal quarter of the year.
Palm’s chairman and CEO, Jon Rubinstein, a former Apple executive, will remain with the company, says HP.
Over the last two years, Palm has tried to reinvent itself by introducing a new smartphone operating system called webOS and new phones such as the Palm Pre and the Pixi. The phones have been well-received, with positive reviews, especially for the latest versions, the Palm Pre Plus and Pixi Plus.