Palm's Handspring buy passes antitrust waiting period

Palm Inc. said Friday that the antitrust waiting period for its buy of fellow handheld maker Handspring Inc. had expired, moving it closer to a completion of the acquisition later this year.

In a statement, Palm Solutions President and Chief Executive Officer (CEO) Todd Bradley said that he believes the acquisition will provide the company with the broadest portfolio of mobile computing and communications solutions in the industry.

Palm announced its intention to buy Mountain View, California, Handspring last June, with an aim of offering converged devices.

Palm said that it wants to merge Handspring with Palm Solutions Group -- the company's handheld division in Milpitas, California -- and form a new company with a new name. The new company is due to be split into two businesses: one focused on handhelds and the other on smart phones.

The buy was subject to the Hart-Scott-Rodino Anti-Trust Improvements Act waiting period. Pending approval from both companies' stockholders and other conditions, the buy is expected to close in the late third-quarter to early fourth-quarter of this year, the companies said.