HP stages dramatic entry into mobile market
Hewlett Packard is to buy smart phone business Palm for $1billion. HP plans to take advantage of Palm's webOS, with a view to expanding in the fast growing smart phone and mobile devices market.
The deal is set to be completed by August and Palm's chairman and chief executive Jon Rubenstein is expected to remain with the company.
Rubenstein said: "We are thrilled by HP's vote of confidence in Palm's technological leadership, which achieved Palm webOS and iconic products such as the Pam Pre."
Todd Bradley, head of HP's personal systems group added: "Advances in mobility are offering significant opportunities and HP intends to be a leader in this market."
