HP to buy Palm for $1.2 billion

Hewlett-Packard formally announced that it has reached an agreement to sell Palm to HP for $5.70 per share, or around $1.2 billion total. The deal came as a surprise to Silicon Valley gossips who were sure HTC or Lenovo would acquire Palm. (VentureBeat writers suggested that RIM and LG consider Palm, but we didn’t expect either of those deals to happen.)

HP, the world’s largest technology company with over 300,000 employees worldwide, plans to use Palm’s technology to “enhance HP’s ability to participate more aggressively in the fast-growing, highly profitable smartphone and connected mobile device markets.” So far, HP has never sold a mobile phone.

HP conducted a webcast with investors at 2 PM Pacific Time, hosted by Todd Bradley, the head of HP’s Personal Systems Group — and formerly Palm’s CEO himself.

Update: Here’s our story on the conference call. The big message: The deal isn’t just about smartphones, but tablets and netbooks too.

In our other coverage of the acquisition, we’ve also looked at what the deal says about Palm investor Elevation Partners (with some math showing how Elevation made $25 million), its impact on the broader mobile landscape, and how the deal makes sense given Todd Bradley’s history with HP and Palm. We also discuss what the deal says about HP’s tradition of innovation.

Don’t miss MobileBeat 2010, VentureBeat’s conference on the future of mobile. The theme: “The year of the superphone and who will profit.” Now expanded to two days, MobileBeat 2010 will take place on July 12-13 at The Palace Hotel in San Francisco. Early-bird pricing is available until May 15. For complete conference details, or to apply for the MobileBeat Startup Competition, click here.

  • http://venturebeat.com/2011/06/24/hp-to-launch-touchpad-exclusive-magazine/ HP to launch TouchPad-exclusive magazine | VentureBeat

    [...] Last year the the company scooped up mobile hardware/software company Palm (and its webOS platform) for a hefty $1.2 billion. Since then, HP has been playing catch-up while working to integrate the upstart OS into mobile [...]

  • http://www.goldfeed.in/Games/2011/hp-launches-touchpad-exclusive-magazine-to-promote-webos/ HP launches TouchPad-exclusive magazine to promote webOS | Mix Play News Games

    [...] the company scooped up smartphone veteran Palm (and its webOS platform) for a hefty .2 billion. Since then, HP has been playing catch-up [...]

  • http://androidrockstar.com/?p=12458 HP launches TouchPad-exclusive magazine to promote webOS

    [...] evil for HP. Last year the the company scooped up smartphone veteran Palm (and its webOS platform) for a hefty $1.2 billion. Since then, HP has been playing catch-up while working to integrate the webOS into mobile devices [...]

  • http://dotmem.com/archives/3700 HP launches TouchPad-exclusive magazine to promote webOS – dotmem.com | random technology news, one post at a time

    [...] evil for HP. Last year the the company scooped up smartphone veteran Palm (and its webOS platform) for a hefty $1.2 billion. Since then, HP has been playing catch-up while working to integrate the webOS into mobile devices [...]

  • http://venturebeat.com/2011/08/18/hp-kills-webos-hardware/ So long TouchPad, Pre: HP kills WebOS hardware business | VentureBeat

    [...] HP bought Palm for $1.2 billion last year, mainly for the company’s webOS mobile software, which wowed the tech world when it debuted in 2009. At the time of the acquisition, HP said that it wanted Palm for more than just its smartphone experience — it wanted to bring webOS to netbooks and tablets as well. [...]

  • http://androidrockstar.com/?p=26163 Android RockStar | So long TouchPad, Pre: HP kills WebOS hardware business

    [...] HP bought Palm for $1.2 billion in 2010, mainly for the company’s webOS mobile software, which wowed the tech world when it debuted in 2009. At the time of the acquisition, HP said that it wanted Palm for more than just its smartphone experience — HP had grand the ambition to bring webOS to netbooks and tablets as well. [...]

  • http://blog.tmiva.com/?p=133 So long TouchPad, we barely got to know you. | Straight Tech

    [...] HP bought Palm for $1.2 billion in 2010, mainly for the company’s webOS mobile software, which wowed the tech world when it debuted in 2009. At the time of the acquisition, HP said that it wanted Palm for more than just its smartphone experience — HP had grand the ambition to bring webOS to netbooks and tablets as well. [...]

  • http://venturebeat.com/2011/08/19/hp-tells-employees-its-not-walking-away-from-webos/ HP tells employees it’s “not walking away from WebOS” | VentureBeat

    [...] real plans for webOS from these statements, but I suspect the company will find some way to make its $1.2 billion purchase of Palm worthwhile. I’m hoping it can find success licensing webOS, otherwise we’ll see yet [...]

  • http://www.socialnetworkbackgroundcheck.com/hp-tells-employees-it%e2%80%99s-%e2%80%9cnot-walking-away-from-webos%e2%80%9d/ HP tells employees it’s “not walking away from WebOS” | Social Network Background Check

    [...] real plans for webOS from these statements, but I suspect the company will find some way to make its $1.2 billion purchase of Palm worthwhile. I’m hoping it can find success licensing webOS, otherwise we’ll see yet [...]

  • http://venturebeat.com/2011/08/19/tnw-webos-ran-twice-as-fast-on-an-ipad-2-than-on-the-touchpad/ TNW: webOS ran twice as fast on an iPad 2 than on the TouchPad | VentureBeat

    [...] originally came from Palm, which HP bought for $1.2 billion in 2010. HP said that it wanted Palm for more than just its smartphones, and that it had big plans to bring [...]

  • http://ipad.ekji.com/2011/08/19/report-webos-ran-twice-as-fast-on-an-ipad-2-than-on-the-touchpad/ Apple Ipad Tech News » Blog Archive » Report: webOS ran twice as fast on an iPad 2 than on the TouchPad

    [...] originally came from Palm, which HP bought for $1.2 billion in 2010. HP said that it wanted Palm for more than just its smartphones, and that it had big plans to bring [...]

  • http://ipad2a1395.com/report-webos-ran-twice-as-fast-on-an-ipad-2-than-on-the-touchpad/ Report: webOS ran twice as fast on an iPad 2 than on the TouchPad | iPad2A1395.com – Apple iPad 2 News, Rumors & Information!

    [...] originally came from Palm, which HP bought for $1.2 billion in 2010. HP said that it wanted Palm for more than just its smartphones, and that it had big plans to bring [...]

  • http://www.socialnetworkbackgroundcheck.com/report-webos-ran-twice-as-fast-on-an-ipad-2-than-on-the-touchpad/ Report: webOS ran twice as fast on an iPad 2 than on the TouchPad | Social Network Background Check

    [...] originally came from Palm, which HP bought for $1.2 billion in 2010. HP said that it wanted Palm for more than just its smartphones, and that it had big plans to bring [...]

  • http://modern-techie.com/report-webos-ran-twice-as-fast-on-an-ipad-2-than-at-the-touchpad/ Report: webOS ran twice as fast on an iPad 2 than at the TouchPad | Modern Techie

    [...] originally came from Palm, which HP bought for $1.2 billion in 2010 . HP said that it wanted Palm for greater than just its smartphones, and that it had big plans to [...]

  • http://modern-techie.com/hp-tells-employees-its-%e2%80%9cnot-walking-clear-of-webos%e2%80%9d/ HP tells employees it’s “not walking clear of WebOS” | Modern Techie

    [...] real plans for webOS from these statements, but i believe the corporate will find a way to make its $1.2 billion purchase of Palm worthwhile. i hope it may find success licensing webOS; otherwise we’ll see another bidding [...]

  • http://onlinemagazine.pcriot.com/?p=42684 OnlineMagazine » Blog Archive » HP sacks over 500 WebOS employees

    [...] employees on task when it’s fairly obvious the mobile OS, which HP snagged as part of its $1.2 billion Palm purchase last year, doesn’t have much of a future. The company has discussed licensing the OS to other [...]

  • http://venturebeat.com/2011/09/20/hp-webos-layoffs/ HP sacks over 500 WebOS employees | VentureBeat

    [...] employees on task when it’s fairly obvious the mobile OS, which HP snagged as part of its $1.2 billion Palm purchase last year, doesn’t have much of a future. The company has discussed licensing the OS to other [...]

  • http://venturebeat.com/2011/09/29/amazon-buy-palm/ Amazon has Palm in its shopping cart — will it click Buy? (exclusive) | VentureBeat

    [...] HP paid $1.2 billion for Palm in 2o10, but Amazon will end up spending a fraction of that if the deal goes through. Given just how badly the TouchPad failed, HP will likely offer what’s left of Palm at a major discount, especially since Amazon woudn’t be interested in resuscitating now extinct webOS hardware. [...]

  • http://onlinemagazine.pcriot.com/?p=45370 OnlineMagazine » Blog Archive » Amazon has Palm in its shopping cart — will it click Buy? (exclusive)

    [...] HP paid $1.2 billion for Palm in 2010, but Amazon will end up spending a fraction of that if the deal goes through. Given just how badly the TouchPad failed, HP will likely offer what’s left of Palm at a major discount, especially since Amazon woudn’t be interested in resuscitating now extinct webOS hardware. [...]

  • http://prosglobal.tv/blog/2011/09/amazon-has-palm-in-its-shopping-cart-%e2%80%94-will-it-click-buy-exclusive/ Amazon has Palm in its shopping cart — will it click Buy? (exclusive)

    [...] HP paid $1.2 billion for Palm in 2010, but Amazon will end up spending a fraction of that if the deal goes through. Given just how badly the TouchPad failed, HP will likely offer what’s left of Palm at a major discount, especially since Amazon woudn’t be interested in resuscitating now extinct webOS hardware. [...]

  • http://live.ifanr.com/12517 Amazon 有可能买下 Palm | #ifanrlive

    [...] 惠普此前在 2010 年以 12 亿买下了 Palm ,但考虑到 TouchPad 经历了如此严重的失败, Amazon 可能会以便宜的多的价格买下 Palm ,尤其是当 Amazon 完全不会在意如何延续已有的 WebOS 设备的时候。 [...]

  • http://gad4.us/post-368/amazon-has-palm-in-its-shopping-cart-%e2%80%94-will-it-click-buy-exclusive Amazon has Palm in its shopping cart — will it click Buy? (exclusive) | Gad4.us

    [...] HP paid $1.2 billion for Palm in 2010, yet Amazon will finish adult spending a fragment of that if a understanding goes through. Given only how badly a TouchPad failed, HP will expected offer what’s left of Palm during a vital discount, generally given Amazon woudn’t be meddlesome in resuscitating now archaic webOS hardware. [...]

  • http://kindlenewscenter.com/amazon-has-palm-in-its-shopping-cart-%e2%80%94-will-it-click-buy-exclusive.html Amazon has Palm in its shopping cart — will it click Buy? (exclusive) | Kindle News Center

    [...] HP paid $1.2 billion for Palm in 2010, but Amazon will end up spending a fraction of that if the deal goes through. Given just how badly the TouchPad failed, HP will likely offer what’s left of Palm at a major discount, especially since Amazon woudn’t be interested in resuscitating now extinct webOS hardware. [...]

  • http://freedomdevelopers.com/?p=58911 Amazon has Palm in its shopping cart — will it click Buy? (exclusive) | Freedom Developers

    [...] HP paid .2 billion for Palm in 2010, but Amazon will end up spending a fraction of that if the deal goes through. Given just how badly the TouchPad failed, HP will likely offer what’s left of Palm at a major discount, especially since Amazon woudn’t be interested in resuscitating now extinct webOS hardware. [...]

  • http://www.kindlefiretab.com/2011/09/30/amazon-has-palm-in-its-shopping-cart-%e2%80%94-will-it-click-buy-exclusive/ Amazon has Palm in its shopping cart — will it click Buy? (exclusive) | | Kindle Fire Tablet – Kindle fire communityKindle Fire Tablet – Kindle fire community

    [...] HP paid $1.2 billion for Palm in 2010, but Amazon will end up spending a fraction of that if the deal goes through. Given just how badly the TouchPad failed, HP will likely offer what’s left of Palm at a major discount, especially since Amazon woudn’t be interested in resuscitating now extinct webOS hardware. [...]

  • http://blog.ospcs.com/archives/542 Onsite Insite | Blog | Amazon has Palm in its shopping cart — will it click Buy? (exclusive) | VentureBeat

    [...] HP paid $1.2 billion for Palm in 2010, but Amazon will end up spending a fraction of that if the deal goes through. Given just how badly the TouchPad failed, HP will likely offer what’s left of Palm at a major discount, especially since Amazon woudn’t be interested in resuscitating now extinct webOS hardware. [...]

  • http://palmdatarecovery.datarecoveryservicescentre.com/palm-data-recovery/onsite-insite-blog-amazon-has-palm-in-its-shopping-cart-%e2%80%94-will-it Onsite Insite | Blog | Amazon has Palm in its shopping cart — will it … | Palm Data Recovery

    [...] HP paid $1.2 billion for Palm in 2010, but Amazon will end up spending a fraction of that if the deal goes through. Given just how badly the TouchPad failed, HP will likely offer what’s left of Palm at a major discount, especially since Amazon woudn’t be interested in resuscitating now extinct webOS hardware. [...]

  • http://newblackberryphones.net/1768-amazon-has-palm-in-its-shopping-cart-%e2%80%94-will-it-click-buy-exclusive.html Amazon has Palm in its shopping cart — will it click Buy? (exclusive) | New BlackBerry Phones

    [...] HP paid $1.2 billion for Palm in 2010, but Amazon will end up spending a fraction of that if the deal goes through. Given just how badly the TouchPad failed, HP will likely offer what’s left of Palm at a major discount, especially since Amazon woudn’t be interested in resuscitating now extinct webOS hardware. [...]

  • http://www.heptanews.com/2011/10/02/amazon-has-palm-in-its-shopping-cart-%e2%80%94-will-it-click-buy-exclusive/ Amazon has Palm in its shopping cart — will it click Buy? (exclusive) « Heptanews * Entertainment * Politics * Opinions * U.S. * Technology * Health * Leisure * World * Sports

    [...] HP paid $1.2 billion for Palm in 2010, but Amazon will end up spending a fraction of that if the deal goes through. Given just how badly the TouchPad failed, HP will likely offer what’s left of Palm at a major discount, especially since Amazon woudn’t be interested in resuscitating now extinct webOS hardware. [...]

  • http://sponzori.info/amazon-has-palm-in-its-shopping-cart-%e2%80%94-will-it-click-buy-exclusive.html Amazon has Palm in its shopping cart — will it click Buy? (exclusive) | All About HiTech News

    [...] HP paid $1.2 billion for Palm in 2010, yet Amazon will finish adult spending a fragment of that if a understanding goes through. Given only how badly a TouchPad failed, HP will expected offer what’s left of Palm during a vital discount, generally given Amazon woudn’t be meddlesome in resuscitating now archaic webOS hardware. [...]

  • http://ironshieldtechng.com/1294/amazon-has-palm-in-its-shopping-cart-%e2%80%94-will-it-click-buy-exclusive.html Amazon has Palm in its shopping cart — will it click Buy? (exclusive) | ironshieldtechng.com

    [...] HP paid $1.2 billion for Palm in 2010, but Amazon will end up spending a fraction of that if the deal goes through. Given just how badly the TouchPad failed, HP will likely offer what’s left of Palm at a major discount, especially since Amazon woudn’t be interested in resuscitating now extinct webOS hardware. [...]

  • http://magazine.xtreamer.net/?p=4157 Amazon has Palm in its shopping cart « Xtreamer Magazine

    [...] HP paid $1.2 billion for Palm in 2010, but Amazon will end up spending a fraction of that if the deal goes through. Given just how badly the TouchPad failed, HP will likely offer what’s left of Palm at a major discount, especially since Amazon woudn’t be interested in resuscitating now extinct webOS hardware. [...]

  • http://venturebeat.com/2011/11/08/hp-is-not-sure-what-to-do-with-webos-says-ceo/ HP is not sure what to do with WebOS, says CEO | VentureBeat

    [...] paid $1.2 billion for WebOS’ creator Palm in 2010 with the intent to run the operating system on its mobile devices, such as the TouchPad and [...]

  • http://prosglobal.tv/blog/2011/11/hp-is-not-sure-what-to-do-with-webos-says-ceo/ HP is not sure what to do with webOS, says CEO

    [...] paid $1.2 billion for webOS’ creator Palm in 2010 with the intent to run the operating system on its mobile devices, such as the TouchPad and [...]

  • http://www.godigitalapps.com/hp-is-not-sure-what-to-do-with-webos-says-ceo/ HP is not sure what to do with webOS, says CEO « Go Digital Apps

    [...] paid $1.2 billion for webOS’ creator Palm in 2010 with the intent to run the operating system on its mobile devices, such as the TouchPad and [...]

  • http://www.investorplace.com/2011/11/hewlett-packard-hpq-meg-whitman-webos-rimm-orcl/ What HP’s Meg Whitman Can Do With WebOS | InvestorPlace

    [...] Can she somehow transform the Palm and webOS business into something profitable rather than a $1.2 billion noose around HP’s neck? Here are three options for the future of [...]

  • http://www.clearingandsettlement.com/2011/11/hp-is-not-sure-what-to-do-with-webos-says-ceo/ HP is not sure what to do with webOS, says CEO — Clearing and Settlement

    [...] paid $1.2 billion for webOS’ creator Palm in 2010 with the intent to run the operating system on its mobile devices, such as the TouchPad and [...]

  • http://venturebeat.com/2011/11/21/hp-webos-intel-qualcomm-printers/ As Palm bidding continues, HP wants a sweet deal to keep webOS in printers (exclusive) | VentureBeat

    [...] to hold on to webOS. (Pictured above, HP’s inexplicable printer/Android tablet combo.) HP paid $1.2 billion for Palm last year, and it revealed in its earnings report today that it spent another $1.66 billion just to wind down [...]

  • http://eskobo.com/2011/11/22/as-palm-bidding-continues-hp-wants-a-sweet-deal-to-keep-webos-in-printers-exclusive/ As Palm bidding continues, HP wants a sweet deal to keep webOS in printers (exclusive) | Tech News Aggregator

    [...] continues to hold on to webOS. (Pictured above, HP’s inexplicable printer/Android tablet combo.) HP paid $1.2 billion for Palm last year, and it revealed in its earnings report today that it spent another $1.66 billion just to wind down [...]

  • http://venturebeat.com/2011/11/30/whitman-says-future-of-webos-will-be-decided-in-two-weeks/ Whitman says future of webOS will be decided in two weeks | VentureBeat

    [...] which bought webOS-creator Palm last year for $1.2 billion, is in a precarious position about what to do with the troubled OS. After axing the HP TouchPad [...]

  • http://venturebeat.com/2011/12/28/hp-palm-sale-price/ Tough negotiator: HP wanted $1.2B for webOS and Palm’s assets (exclusive) | VentureBeat

    [...] company seemingly ignored that, since it purchased Palm in April 2010, the value of the smartphone pioneer’s brand had fallen significant thanks to the spectacular [...]

  • http://eskobo.com/2011/12/28/tough-negotiator-hp-wanted-1-2b-for-webos-and-palm%e2%80%99s-assets-exclusive/ Tough negotiator: HP wanted $1.2B for webOS and Palm’s assets (exclusive) | Tech News Aggregator

    [...] company seemingly ignored that, since it purchased Palm in April 2010, the value of the smartphone pioneer’s brand had fallen significant thanks to the spectacular [...]

  • http://laptopthink.info/hp/tough-negotiator-hp-wanted-1-2b-for-webos-and-palms-assets-exclusive/ Tough negotiator: HP wanted $1.2B for webOS and Palm’s assets (exclusive)

    [...] company seemingly ignored that Palm’s value had fallen significantly since HP purchased the smartphone pioneer in April 2010, thanks to the spectacular failure of the HP Touchpad tablet. And the fact that HP didn’t make [...]

  • http://momsbasement.net/2011/12/29/hp-trying-to-re-sell-palm-for-1-2billion/ HP Trying To Re-Sell Palm For $1.2billion «

    [...] someone else’s lap! The asking price? $1.2 BILLION. That’s right, the same price they acquired Palm for back in April, [...]

  • http://www.news257.com/tough-negotiator-hp-wanted-1-2b-for-webos-and-palms-assets-exclusive-venturebeat/ News: Tough negotiator: HP wanted $1.2B for webOS and Palm’s assets (exclusive) – VentureBeat | News 25/7! Delivering news in real time

    [...] company seemingly ignored that Palm’s value had fallen significantly since HP purchased the smartphone pioneer in April 2010, thanks to the spectacular failure of the HP Touchpad tablet. And the fact that HP didn’t make [...]

  • http://www.ipad2development.com/blog/2011/12/tough-negotiator-hp-wanted-1-2b-for-webos-and-palms-assets-exclusive-venturebeat/ Tough negotiator: HP wanted $1.2B for webOS and Palm’s assets (exclusive) – VentureBeat | iPad Development

    [...] company seemingly ignored that Palm’s value had fallen significantly since HP purchased the smartphone pioneer in April 2010, thanks to the spectacular failure of the HP Touchpad tablet. And the fact that HP didn’t make [...]

  • http://courtneyallenbernard.com/?p=2018 Tough negotiator: HP wanted $1.2B for webOS and Palm’s assets (exclusive) | courtneyallenbernard.com

    [...] company seemingly ignored that Palm’s value had fallen significantly since HP purchased the smartphone pioneer in April 2010, thanks to the spectacular failure of the HP Touchpad tablet. And the fact that HP didn’t make [...]

  • http://dazzwireless.com/?p=7999 Tough negotiator: HP wanted $1.2B for webOS and Palm's assets (exclusive)

    [...] company seemingly ignored that Palm’s value had fallen significantly since HP purchased the smartphone pioneer in April 2010, thanks to the spectacular failure of the HP Touchpad tablet. And the fact that HP didn’t make [...]

  • http://www.sluice.com.pk/?p=755 Tough negotiator: HP wanted $1.2B for webOS and Palm’s assets (exclusive) : News Sluice

    [...] company seemingly ignored that Palm’s value had fallen significantly since HP purchased the smartphone pioneer in April 2010, thanks to the spectacular failure of the HP Touchpad tablet. And the fact that HP didn’t make [...]

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