Get ready for webOS-powered connected mobile devices people.

HP announced yesterday it has completed the acquisition of Palm Inc. for $5.70 per share of Palm common stock in cash. According to the press release, the acquisition of the company will provide HP “significant headway into one of technology’s fastest-growth segments with Palm’s innovative webOS platform and family of smartphones, plus a rich portfolio of intellectual property from the smartphone pioneer.

Todd Bradley, executive VP of the Personal Systems Group at HP had this to say:

"With webOS, HP will deliver its customers a unique and compelling experience across smartphones and other mobility products”

The new Palm business unit will be headed up by Jon Rubinstein, former Palm chairman and CEO, and will report to Todd Bradley. Palm will remain responsible for webOS s/w development and HP will integrate webOS into future mobile devices such as smartphones, slate PCs, and of course, netbooks.

Should be exciting to see what HP has in store.

== Press Release ==

HP Completes Palm Acquisition

Accelerates HP’s growth in $100 billion smartphone and connected mobile device markets

PALO ALTO, Calif., July 1, 2010

HP today announced it has completed its acquisition of Palm Inc. at a price of $5.70 per share of Palm common stock in cash.

The combination gives HP significant headway into one of technology’s fastest-growth segments with Palm’s innovative webOS platform and family of smartphones, plus a rich portfolio of intellectual property from the smartphone pioneer.

HP’s global scale and financial strength plus Palm’s award-winning webOS experience, as well as its acclaimed Pre and Pixi smartphone product lines, enhance HP’s ability to participate more aggressively in the highly profitable, $100 billion smartphone and connected mobile device markets.

“With webOS, HP will deliver its customers a unique and compelling experience across smartphones and other mobility products,” said Todd Bradley, executive vice president, Personal Systems Group, HP. “This allows us the opportunity to fully engage in growing our smartphone family offering and the footprint of webOS.”

Under Jon Rubinstein, former Palm chairman and chief executive officer, the Palm global business unit will report to Bradley. Palm will be responsible for webOS software development and webOS based hardware products, from a robust smartphone roadmap to future slate PCs and netbooks.

“With HP’s full backing and global strengths, I’m confident that webOS will be able to reach its full potential,” said Rubinstein. ”This agreement will accelerate the development of this incredible platform with new resources, scale and support from a world-respected brand.”

About HP

HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. The world’s largest technology company, HP brings together a portfolio that spans printing, personal computing, software, services and IT infrastructure to solve customer problems. More information about HP (NYSE: HPQ) is available at http://www.hp.com/.