LG Electronics Acquires WebOS Operating System Technology From HP - Quick Facts

(RTTNews.com) - LG Electronics Inc. said it has entered into a definitive agreement with Hewlett-Packard Company or HP ( HPQ ) to acquire the webOS operating system technology from HP to support its next-generation Smart TV technology. Terms were not disclosed.

As part of the transaction, LG also will receive licenses under HP's intellectual property or 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.

Skott Ahn, president and chief technology officer, LG Electronics Inc., said that LG Electronics' investment in webOS technology and its acquisition of the innovation team's R&D capabilities are expected to extend LG's leadership in bringing Internet services directly to consumer electronics devices.

Also under the agreement, LG will assume stewardship of the open source projects of Open webOS and Enyo while HP will retain ownership of all of Palm's cloud computing assets, including source code, talent, infrastructure and contracts.

HP and LG do not expect this transaction to have a material impact on either company's financial statements.

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