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Why Does HP Want Palm?

April 28, 2010 18:00:46.677

I can't figure this one out:

HP and Palm, Inc. (NASDAQ: PALM) today announced that they have entered into a definitive agreement under which HP will purchase Palm, a provider of smartphones powered by the Palm webOS mobile operating system, 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 the HP and Palm boards of directors.

Why? What on earth is HP going to do with a failing phone business? Didn't they learn anything from the Compaq deal?

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posted by James Robertson

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