Shearman & Sterling is representing Vector Capital Limited on its bid for sat nav systems-maker Trafficmaster plc at an enterprise value of approximately US$125 million.

The acquisition will be by way of a scheme of arrangement. The deal is expected to be completed by the end of July.

Vector Capital Limited is an English subsidiary established by San Francisco-based private equity group Vector Capital, which specializes in buyouts, spinouts and recapitalizations of established technology businesses. Trafficmaster, listed on the London Stock Exchange, operates fleet management, vehicle tracking and navigation systems, primarily in the US and the UK.

The Shearman & Sterling team in the firm’s London, New York and San Francisco offices includes M&A partners Laurence Levy and Steve Camahort and associates Rebecca Hilton, Tom Lewis and Dana Kromm, and finance partners Clifford Atkins and Monica Holland and counsel Benjamin Cheng. Partner Iain Scoon provided tax advice.