Korea's LG Electronics has acquired the webOS operating system technology from Hewlett-Packard (NYSE:HPQ), both companies announced in a joint press release today. The OS was designed for the Palm line of mobile devices, which HP acquired in 2010 for $1.2 billion. LG will use webOS to power software for its televisions.

In addition to acquiring the source code for the operating system itself, LG will also gain "associated documentation, engineering talent and related websites" connected with it.  HP will hold on to patents related to the technology, which LG will utilize on a licensed basis.

According to the two firms, the move "paves the way for continued innovation on the webOS platform and on LG's roadmap of innovative solutions for many years to come, while allowing HP to focus its resources on strategic business opportunities such as cloud computing."

The terms of the deal were not disclosed.