HP and Palm, Inc. have entered into a definitive agreement under which HP will purchase Palm, at a price of $5.70 per share of Palm common stock in cash or an enterprise value of approximately $1.2 billion. The transaction has been approved by HP and Palm boards of directors. Combination of HP's global scale and financial strength with Palm's unparalleled webOS platform will enhance HP's ability to participate more aggressively in fast-growing, highly profitable smartphone and connected mobile device markets. Palm's unique webOS will allow HP to take advantage of features such as true multitasking and always up-to-date information sharing across applications. "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," said Todd Bradley of HP. "And, Palm possesses significant IP assets and has highly skilled team. We're thrilled by HP's vote of confidence in Palm's technological leadership, which delivered Palm webOS and iconic products such as the Palm Pre," said Jon Rubinstein of Palm. "We look forward to working with HP to continue to deliver industry-leading mobile experiences to our customers and business partners."