While Palm was reported to find suitors in the east, US-based HP has announced to buy the ailing smartphone company. HP has bought Palm for $1.2 billion or $5.70 per share. A major reason for HP to buy the company was the webOS, which HP believes could help them bolster in the competitive smartphone market.
HP expects to integrate webOS in number of smartphones as well as tablet PCs in the near future.
“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.”
Palm’s current chairman and CEO, Jon Rubinstein will remain with the company.