Today HP 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 be approved by the HP and Palm boards of directors.Current Palm CEO Jon Rubinstein is "expected to remain with the company," though it's not said in what capacity.

more detail at Hp.com