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THE MAKER OF EXPENSIVE PRINTER INK HP has finally closed the Palm deal.

HP announced it had paid .70 per share of Palm common stock. While everyone initially thought that HP wanted Palm for its award winning phones, it turned out that the largest PC brand wanted Palm’s innovative WebOS and “rich portfolio of intellectual property” from the smartphone pioneer.

HP said that the buyout will give it an ability to participate more aggressively in the highly profitable, 0 billion smartphone and connected mobile device markets.

This is probably to reassure the shareholders because what it is likely to want is to develop a range of interconnected, Internet based peripherals and other similar gadgets.

Todd Bradley, EVP of HP’s personal systems group, said that HP will deliver to its customers “a unique and compelling experience across smartphones and other mobility products.”

A unique and compelling experience could mean anything, but we’ll assume HP means this in a good way.

Jon Rubinstein, former Palm chairman and CEO, will report to Bradley. Palm will be responsible for WebOS software development and WebOS based hardware products, from a robust smartphone roadmap to a future slate of PCs and netbooks.

Rubinstein, who initially was against the sale, said that with HP’s full backing and global strengths, he is confident that WebOS will be able to reach its full potential.

We note that he did not mention Palm’s hardware. µ