HP announced today that it had entered into an agreement to purchase Palm for $1.2 Billion. In a press release issued by HP, the company said the acquisition would allow HP to "participate more aggressively in the fast-growing, highly profitable smartphone and connected mobile device markets. Palm's current chairman and CEO, Jon Rubinstein, is expected to remain with the company and the deal is expected to close during HP's third fiscal quarter ending July 31, 2010.