Davis Polk & Wardwell LLP is advising Palm, Inc. on its acquisition by Hewlett-Packard Company. The acquisition, which is expected to close during HP’s third fiscal quarter ending July 31, 2010, is subject to customary closing conditions. The transaction is valued at approximately $1.4 billion on an equity basis and $1.2 billion on an enterprise value basis.

Palm, Inc. is a leading developer and supplier of smartphones. HP is the world’s largest technology company.

The Davis Polk corporate team includes William M. Kelly, Mischa Travers, Peter M. Lamb, Carmen E. Atkins, Daniel J. Luskin and Tyler P. Pender. The tax team includes Rachel D. Kleinberg and M. Ryan LaRosa. Steven S. Weiner of the Menlo Park office and Matthew J. Bacal of the New York office are providing intellectual property advice. Cynthia Akard is providing benefits advice. Arthur J. Burke of the New York office, Michael N. Sohn of the Washington DC office and Stephen M. Pepper of the New York office are providing antitrust and regulatory advice. Neal A. Potischman, Sandra West and Michael Petrocelli are providing litigation advice. Unless otherwise noted, all members of the Davis Polk team are based in the Menlo Park office.