Davis Polk advised the counterparty in connection with an accelerated share repurchase transaction entered into between the counterparty and Trimble Navigation Limited (“Trimble”), pursuant to which Trimble is repurchasing $75 million of its common stock with the majority of the shares to be received shortly following the execution of the transaction. The final number of shares to be repurchased under the transaction will be based on the volume-weighted average share price of Trimble’s common stock during the term of the transaction, minus a discount. Final settlement of the transaction is expected to take place by the end of 2015. 

Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location—including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies, such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978, Trimble is headquartered in Sunnyvale, California.  

The Davis Polk equity derivatives team included partner Mark M. Mendez and associates Barry J. Gewolb and Won K. Lee. Partner Michael Farber provided tax advice. All members of the Davis Polk team are based in the New York office.   

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