It is now confirmed that US based personal computer maker HP is acquiring Palm.

The deal is worth around USD 1.2 billion.

HP and Palm expects to close the deal by July this year.

It is unlikely to face any opposition from Palm rivals in the market.

HP is mostly known for their printers and computers though they have some smartphones on offer.

Looks like HP is now aiming to expand their presence in the mobile phone market and acquiring Palm gives them the right mobile platform and technology for the same.

Palm webOS has been much appreciated by the industry analysts and it is one of the few touch optimized mobile platforms we have in the market today.

Rivals include: Apple iPhone, Google Android, Blackberry and Symbian. Microsoft is set to launch Windows Phone 7 later this year which would make things more interesting for us all.