If you haven’t already heard, Hewlett Packard has entered a definitive agreement to acquire Smart Phone manufacturer, Palm, for a price of $1.2 Billion, which was announced by the two companies this afternoon.

Under the terms of the acquisition agreement, Palm stockholders will receive $5.70 for each share of stock that they are holding at the end of the merger between the two companies.

Palm’s current CEO and chairman is also expected to stay with the company after the merger, which is expected to happen at the end of July, 2010.

More information about this merger can be found on HP’s website, as well as on Palm’s website.