South Korean electronics giant, LG has said that it is planning to acquire the WebOS operating system from Hewlett-Packard for using the platform in its new smart televisions.

Under the deal, LG would get access to the source code for WebOS as well as related documentation, engineering talent, and related WebOS Web sites HP. LG would also get HP licenses for use with the products based on the platform and patents that were taken over by HP from Palm.

HP had first announced its intention to make webOS an open-source project in December 2011. The company had also pointed out that it would act as an investor to the platform and will aim at avoiding fragmentation of the code. HP had acquired the code as part of a $1.2 billion acquisition of Palm in 2010. HP was planning to offer webOS source code under the Apache License, Version 2.0.

LG is not looking to use the platform in its smartphones as it largely focuses on Google's Android platform for the devices. LG will use WebOS to power its television in the coming future as the company has been looking to acquire a platform for the device.

Skott Ahn, president and chief technology officer of LG Electronics said, "It creates a new path for LG to offer an intuitive user experience and Internet services across a range of consumer electronics devices."