HP to acquire Palm for nearly $1B in cash
PALO ALTO, CA The companies announced Wednesday they had agreed to the deal, which will see HP pay $5.70 for every Palm common share. Palm had closed trading Wednesday at $4.63 but traded as high as $18.09 in the past 52 weeks. When debt is included, the deal values Palm at $1.2 billion. The transaction is expected to close by the end of July. HP said Palm's webOS operating system will help it participate more aggressively in the fast-growing market for smart phones and connected mobile devices. It also said Palm's current chairman and CEO, former Apple Inc. executive Jon Rubinstein, is expected to remain with the company.