We’ve heard for a while now that LG was going to use WebOS on its Smart TVs, but we didn’t imagine that HP was going to sell the whole thing to the South Koreans. I have to remind you that HP spent $1.2 billion on Palm in 2010 and they main goal when buying it was their smartphone expertise and WebOS.

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In the process of acquiring them and integrating Palm, HP destroyed everything, killed the Veer/Pre phones and the only WebOS tablet that existed. Now they’re selling the platform to a more capable side, LG. LG will use the operating system, that they’ve already been familiar with, since they’ve been working with HP on it. The agreement involves LG acquiring the software’s source code, associated websites, licenses and a bunch of patents.

HP will keep the bulk of the patents and all the cloud-related aspects of the OS, according to HP COO Bill Veghte. Scott Ahn, President and CTO of LG Electronics said that the company will incorporate the OS in the Smart TV lineup of the future and then “hopefully other devices”. Maybe tablets?