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Hewlett-Packard to buy Palm for $1.4 billion

Hewlett-Packard Co. has agreed to acquire Palm for $1.4 billion in cash, uniting a pair of companies that have failed to make much recent headway in the smart phone business.

H-P announced its all-cash purchase of Palm just after the financial markets closed Wednesday, saying it would pay $5.70 a share, a 23 percent premium over the closing price of $4.63. The $1.4 billion price includes the Series B and Series C shares, most of which are owned by private-equity firm Elevation Partners.

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[St. Louis Post Dispatch]

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