Palm Inc. has cleared the last regulatory hurdle in its effort to acquire Handspring. The company said it has completed a government-required waiting period, during which the deal could be held up for further review for antitrust concerns. The deal will close in the fall assuming it passes a required vote of both companies' shareholders.

When the deal closes, Palm plans to make PalmSource operating system unit a separate company and merge Palm's hardware division with Handspring. Speculation is there will be a new name for the hardware company that will not include the name Palm.

Palm CEO Todd Bradley will be CEO of the hardware company, while Handspring co-founder Jeff Hawkins will be chief technology officer. Handspring CEO Donna Dubinsky will sit on Palm's board but will not take an operational role at the company.