HP takes over Palm

HP ended weeks of speculation when it bought Palm for $1.2 billion in debt and equity.

This deal now makes Palm a wholly owned subsidiary of HP. HP will now use Palm’s WebOS to aggressively drive into the Smartphone and tablet markets.

Jon Rubinstein, Chairman and CEO, Palm, is expected to stay with the company.

HP encountered stiff competition from companies like HTC, Lenovo and Huawei and emerged as the final victor.

Palm will be now on a resurrection path and its future will not be in doubt now as speculated due to waning profits earlier this year. Last year, Palm introduced its much hyped WebOS powered Pre Smartphone but it failed to boost its already down financial position.

March saw Palm predicting sales for the quarter ending May to be less than $150 million compared to the $300 million average estimated by analysts as compiled by Bloomberg at the same time.

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