HP to buy Palm for $1.2 billion

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Palo Alto, Calif.—Hewlett-Packard Co. announced plans to buy Palm Inc. in a deal valued at approximately $1.2 billon.

HP said the acquisition would enhance its ability to compete more aggressively in the fast-growing smartphone and connected mobile device markets.

Palm is the developer of the webOS mobile operating system, which enables functionality on smartphones like multitasking and real-time information sharing.

The transaction, which has been approved by the HP and Palm boards, is expected to close by July 31.

Palm’s current chairman-CEO, Jon Rubinstein, is expected to remain with the company.

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