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Mergers and Acquistions News

Categories: Telecoms

April 30th 2010, 15:13PM

PC giant Hewlett Packard (HP) has announced that it intends to acquire Palm, a provider of smartphone operating systems, for an enterprise value of approximately $1.2 billion (£0.78 billion).

Palm, the maker of the Palm webOS platform, will receive $5.70 (£3.71) in cash for each share of common stock at the closing of the merger, which is expected to take place at the end of June.

Todd Bradley, executive vice-president of HP's Personal Systems Group, said the acquisition will help the company take advantage of the growing smartphone market.

"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," he commented.

The deal is expected to provide a platform to expand HP's mobility strategy, spanning multiple handheld devices and taking advantage of multitasking and information sharing applications.

Earlier this month, HP closed the acquisition of networking company 3Com for a purchase price of $2.7 billion (£1.8 billion).ADNFCR-1833-ID-19753448-ADNFCR

 

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