The technological world is becoming the survival of the richest. The recent HP acquisition of Palm for about $1.2 billion, is an indication that the number technological players is shrinking.
The HP-Palm merger confirms rumors that Palm is on sale for several weeks now. Other major players who got involve in the dealings were HTC and Lenovo.
Herewith is the joint statement issued by HP and Palm:
HP and Palm, Inc. (NASDAQ: PALM) today announced that they have entered into a definitive agreement under which HP will purchase Palm, a provider of smartphones powered by the Palm WebOS mobile operating system, at a price of $5.70 per share of Palm common stock in cash or an enterprise value of approximately $1.2 billion. The transaction has been approved by the HP and Palm boards of directors.
Palm has been the original dominant player in the competitive smartphone market. Palm’s handset, Pre, and its mobile operating system, WebOS, took the headlines recently but failed to sustain its marketability.
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