Probably a good deal for the phone manufacturer that purchased it; Palm is a well-known name among a previous generation of electronics consumers, and that name could help them sell to a different demographic than the typical smartphone.
The buyer is actually not Alcatel Lucent (French-Canadian telecom infrastructure company). The "Alcatel" feature phone business was a JV with TCL (Chinese electronics giant), and Alcatel sold off in 2007. TCL retained the right to use the Alcatel One Touch brand (unclear for how long).
Interesting, this goes well with the Wiko french brand which is a Chinese manufacturer behind the curtain. I'd never expect the Alcatel One name to be a tag only.