Multiple sources, including Palm themselves, have confirmed that HP has acquired the company for $1.2 Billion. According to Palm:

In case you didn’t hear, we just announced a merger with a little shop down the street called HP. That little shop happens to be the world’s largest technology company, and certainly one of the most revered companies in all of tech-land. Can you say “webOS acceleration”? We’re pretty excited, and pleased we surprised the world again.

Will this help revive Palm’s skimpy 6.1% share of the market? What do you think?