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HP buys Palm for $1bn

US computer giant HP (Hewlett-Packard) has agreed to buy Smartphone manufacturer Palm for $1bn. The deal is expected to be complete be July with HP stating that Palm’s webOS operating system would help the computer manufacturer expand into the highly lucrative Smartphone and mobile device market.

Palm has struggled to compete with other Smartphone manufacturers such as Apple and HTC and its newest device the Palm Pre, although well-received didn’t hit sales targets.

HP has said that Palm’s chairman, former Apple executive Jon Rubinstein was to say with the company. Todd Bradley HP’s executive vice president talked about the deal saying that, “Between smartphones, slates, and potentially netbooks, there are a lot of opportunities here.”