Hewlett-Packard will purchase Palm for $1.2 billion, the companies announced Wednesday.

That works out to $5.70 per share for the company that invented the PDA and was instrumental in kicking off the smartphone craze. That’s a 23 percent premium over the Wednesday closing price on Palm’s stock of $4.63. The deal has been approved by both companies’ boards of directors and is expected to close by the end of July.

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(via CNET News)