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Electronics Production | April 29, 2010

HP to acquire Palm for USD 1.2 billion

How to buy a smartphone business? Go for Palm. HP will purchase Palm for a price of USD 5.70 per share of Palm common stock in cash or an enterprise value of approximately USD 1.2 billion. The transaction has been approved by the HP and Palm boards of directors.

Under the terms of the merger agreement, Palm stockholders will receive $5.70 in cash for each share of Palm common stock that they hold at the closing of the merger. The merger consideration takes into account the updated guidance and other financial information being released by Palm on April 28. 2010. The acquisition is subject to customary closing conditions, including the receipt of domestic and foreign regulatory approvals and the approval of Palm’s stockholders. The transaction is expected to close during HP’s third fiscal quarter ending July 31, 2010. Palm’s current chairman and CEO, Jon Rubinstein, is expected to remain with the company. “We’re thrilled by HP’s vote of confidence in Palm’s technological leadership, which delivered Palm webOS and iconic products such as the Palm Pre. HP’s longstanding culture of innovation, scale and global operating resources make it the perfect partner to rapidly accelerate the growth of webOS,” said Jon Rubinstein, chairman and chief executive officer, Palm. ”We look forward to working with HP to continue to deliver industry-leading mobile experiences to our customers and business partners.”
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