Hewlett-Packard (HPQ) today said it has completed the acquisition of Palm (PALM) for $5.70 a share in cash.
The company said the deal will “enhance HP’s ability to participate more aggressively in the highly profitable $100 billion smart phone and connected mobile device markets.”
Jon Rubeinstein will continue to run Palm, reporting to Todd Bradley, EVP of the company’s Personal Systems Group. HP said Palm will continue to be responsible for WebOS software development and WebOS hardware products, including not only smart phones but also slate PCs and netbooks.
HPQ is down 23 cents, or 0.5%, to $43.05.
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