LG will use the webOS technology to enhance its Smart TV product
HP has agreed to sell the webOS operating system technology, which it acquired through a $1.2bn acquisition of Palm in 2010, to LG Electronics. Terms of the sale to LG were not revealed.
As per the deal, LG will acquire the source code, associated documentation, engineering talent and related websites associated with webOS.
LG will also acquire licenses under HP's intellectual property including patents covering fundamental operating system and user interface technology. As part of the deal, LG will lead the Open webOS as well as Enyo open-source projects.
HP will retain ownership of all of Palm's cloud computing assets, including source code, talent, infrastructure and contracts and will continue to support Palm users.
LG said it will use the webOS technology to enhance its Smart TV product and a range of other consumer electronics devices.
LG Electronics president and chief technology officer Skott Ahn said: "The open and transparent webOS technology offers a compelling user experience that, when combined with our own technology, will pave the way for future innovations using the latest Web technologies."
HP chief operating officer Bill Veghte said: "WebOS and its associated community deliver market leading platforms for the next generation of connected devices. We are constantly looking for opportunities to accelerate the delivery of this platform from the community."
"LG's track record of innovation and broad distribution provides this opportunity, while enabling HP to accelerate our Cloud efforts," Veghte said.