In India’s largest outbound M&A deal in the IT sector, Indian software firm Infosys Technologies will take over the British consultancy firm Axon for £407.1 million (US$748 million).
Infosys bought 100% of Axon’s equity with the aim of delisting the company from the London Stock Exchange. The M&A deal will be the biggest ever for Infosys. Axon is the world’s largest independent consultancy firm for systems, applications, and data processing software.
Osborne Clarke is advising Axon on the cash takeover by Infosys.
The acquisition, which will be effected by way of a scheme of arrangement, is due to be completed in November.
The purchase of Axon is Infosys’ first European acquisition. The deal will double its presence in one of the fastest growing areas of computer services outsourcing.
In recent months, Axon has also used M&A deals to expand its business, buying US-based SCM and Australia’s Consulting Principles and EnterSys, a provider of SAP consulting services to the North American oil, gas and chemical sectors.
Infosys is a global leader in IT and consulting. It has over 91,000 employees located in 40 offices and development centres spanning India, China, Australia, the Czech Republic, Poland, the UK, Canada and Japan.