HP Gambles on Ailing Palm

Thursday Apr 29th 2010 by Datamation.com Staff

HP has announced that it is purchasing struggling smartphone maker Palm for about $1.2 billion.

Wall Street Journal: Today, HP announced that it will purchase Palm Inc., ending weeks of speculation about who might buy the struggling smartphone maker. HP will pay $5.70 per share, with the total for the deal coming in around $1.2 billion.

With so much of the computing world going mobile, the move gives HP a chance to build a smartphone presence. "It's an opportunity for us to get into a very big market," explained Shane Robison, HP's chief strategy officer.

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