Hewlett-Packard has swooped in and acquired Palm Inc. for $1.2 billion amid rampant speculation that Asian companies were the leading contenders to acquire the hand-held device maker, according to Bloomberg.

And for its final major deal, Palm turned to Davis Polk & Wardwell instead of its traditional deal counsel at Wilson Sonsini Goodrich & Rosati, a move our colleagues at The Recorder first reported on two weeks ago.

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