Palm (NASDAQ: PALM) has entered into a definitive agreement to be acquired by Hewlett-Packard (NYSE: HPQ) for $1.2 billion. HP will make cash payments of $5.70 per share of Palm common stock. Palm provides mobile computing solutions and devices, and its acquisition will provide HP with leverage to compete in the growing smartphone and connected mobile device markets. Elevation Partners gained an interest in Palm through a $325 million recapitalization round in 2007 and a $100 million PIPE deal in 2008. The deal is expected to close by July 31st.