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Hewlett-Packard buy smart phone firm PALM for $1bn

Thu 29 Apr, 2010 // Firstnumber Team

Smart phone pioneer Palm have been bought over by US computer giant HP for $1bn in cash.

Despite unveiling a range of ground-breaking touch screen phones in recent years, Palm has failed to meet sales targets and is thought to be plauged by mounting debts.

HP noted their interest in the takeover following Palm's webOS operating system which bridges the gap between telecoms and modern computer technology.

Cheap international calls are just a click away on a smart phone

HP are thought to be gearing up to compete with the likes of Apple and Blackberry who both currently dominate the smart phone market.

Following the proposed buy-over and Palm's exisiting debt, the deal values the smart phone maker $1.2bn.

Despite interest from computer firm Dell, the takeover between HP and Palm is thought to be completed by the end of July this year with HP paying $5.70 for each share in the smart phone firm.

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