HP Beats All- Acquires Palm for A Whooping $1.2 billion

Reports claim that Hewlett-Packard has emerged as the proud owner of Palm after aggressively bidding against many high profile players.

The struggling handset manufacturer, Palm was acquired by HP for a whopping amount of $1.2 billion.

The report by the Business Insider furnishes details of the aggressive and the heated negotiations and the bidding that took place behind the walls.

The details were furnished by a ‘source familiar with the negotiations’, divulged that many Companies like Apple, Google, and Blackberry manufacturer Research in Motion participated in the bidding war.

As per the statements issued by Palm, the handset manufacturer divulged that it was in touch with 16 Companies for the full-scale acquisition or for the buyout of all or some selected Palm's intellectual property.

However, following the heated process, HP emerged as the proud owner of Palm.

According to the source, Palm’s huge array of patents and intellectual property was the key reason for which Apple was keen on acquiring the handset manufacturer.

Another major player, Google was all set to acquire Palm, so that it could contain Apple from getting hold of the valuable patents.

From the other major players, RIM was the second best bidder.

As per the information provided, Nokia was one of the key players that surprised many, as the Company did not express any interest in the entire issue.