HP buying Palm for 1.2 billion dollars
NEW YORK (AFP) - – US computer giant Hewlett-Packard, in a bid to become a player in the fast-growing smartphone market, said Wednesday it was buying struggling US mobile phone maker Palm for 1.2 billion dollars.
HP and Palm said Palm stockholders will receive 5.70 dollars in cash for each share of Palm common stock they hold at the closing of the merger, a premium of 23 percent over Palm's closing price on Wednesday in New York.
"Palm's innovative operating system provides an ideal platform to expand HP's mobility strategy and create a unique HP experience spanning multiple mobile connected devices," HP executive vice president Todd Bradley said.
"The smartphone market is large, profitable and rapidly growing, and companies that can provide an integrated device and experience command a higher share," Bradley said in a statement.
"Advances in mobility are offering significant opportunities, and HP intends to be a leader in this market," he added.
In a conference call with financial analysts, Bradley said the "smartphone market is over 100 billion dollars and growing over 20 percent annually."
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