Digital News Report – HP announced that they have made an agreement to purchase Palm for approximately $1.2 billion, or at the price of $5.70 per share of Palm’s common stock. The acquisition was approved by both boards of directors of HP and Palm.
Palm is the manufacturer of smartphones that have the Palm webOS mobile operating system. HP hopes to expand their market into the mobile phone market.
The transaction is expected to be complete some time during HP’s third fiscal quarter which ends on July 31, 2010.