HP’s Palm Acquisition Now Complete And Official

July 2, 2010, By Sanjeev Ramachandran

HP has announced that it has finished the process of acquiring Palm Inc for a cost of $1.2 billion, making Palm an official part of HP. The company has initiated the acquisition process in April this year, for a price of $5.70 per share of Palm’s common stock.

It was earlier reported that HP’s intentions to buy Palm Inc. were driven by its plans to acquire Palm’s webOS as well as a range of other softwares and technologies patented by Palm. The softwares and ideas will now be implemented by HP in many of its upcoming products such as tablets, smartphones and printers.

HP has mentioned in a press statement on its website that former Chairman and CEO of Palm, Jon Rubinstein, will be in charge of the company’s Palm global business unit that will look to develop webOS softwares as well as hardware products running on the webOS.

Palm had earlier confirmed that it was working to develop a new version of the webOS and new devices as well. However, over the course of the HP buyout, Palm has also seen some if its key staff such as webOS designer Matias Duarte, webOS banner notification designer Rich Dellinger, VP of Public Relations Lynn Fox and VP of Carrier Marketing Caitlin Spaan leave the company for positions at other firms.

Meanwhile, HP has also remained silent about its plans for the HP slate device though rumors about the gadget have ranged from the device being completely killed off to the device’s OS being switched from Windows 7 to webOS.

It remains to be seen if the two companies will be able to streamline their operations and stick to the deadlines for rumored products such as the HP Hurricane tablet with webOS that was rumored to launch in Q3 2010.

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