With its purchase of Palm, Hewlett-Packard acquired more than just a smartphone maker. It also picked up a whole new strategy for its mobile devices.
HP said Wednesday it plans to acquire Palm for $1.2 billion, or $5.70 per share, which amounts to a 23 percent premium over Palm's actual stock price at the end of the day. But for a leading technology company like HP with almost zero mobile phone presence and $13.5 billion in cash, picking up a company with a fully developed mobile operating system, a decent lineup of devices, and trove of mobile patents is a bargain. It will also make HP a viable competitor in the growing mobile market.