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TMCNet:  LG Electronics acquires webOS from HP for undisclosed sum

[February 26, 2013]

LG Electronics acquires webOS from HP for undisclosed sum

Feb 26, 2013 (M2 EQUITYBITES via COMTEX) -- LG Electronics Inc (KSE:066570.KS), a consumer electronics, mobile communications and home appliances company, and technology solutions provider HP (NYSE:HPQ) announced on Monday the acquisition by LG of the webOS operating system technology from HP.

Financial details of the acquisition were not disclosed.

LG has entered into a definitive agreement with HP to acquire the source code, associated documentation, engineering talent and related websites associated with webOS. Also, as a part of the transaction, LG will receive licenses under HP's intellectual property (IP) for use with its webOS products, including patents acquired from Palm covering fundamental operating system and user interface technologies now in broad use across the industry.

In addition, under this transaction, LG will assume stewardship of the open source projects of Open webOS and Enyo. HP will retain ownership of all of Palm's cloud computing assets, including source code, talent, infrastructure and contracts and will continue to support Palm users.

Both HP and LG do not expect this transaction to have a material impact on either of their financial statements.

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