Palm WebOS Sold $1.2 Billion Hewlett Parkard

Hewlett-Packard Co. signed an agreement to buy struggling smart phone maker Palm Inc. for a reported $1 billion in cash. HP pay $5.70 for every Palm common share. Palm had closed trading Wednesday at $4.63 but traded as high as $18.09 in the past 52 weeks.

When debt is included, the deal values Palm at $1.2 billion. The transaction is expected to close by the end of July.

HP announced Palm's webOS operating system will help it participate more aggressively in the fast-growing market for smart phones and connected mobile devices. It also said Palm's current chairman and CEO, former Apple Inc. executive Jon Rubinstein, is expected to remain with the company.

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