BANGALORE: Infosys Technologies announced plans to acquire UK-based SAP consulting company Axon Group for Rs 33.1 billion in cash.The transfer of 100 per cent ownership is expected to be completed by November this year, officials of the NASDAQ- listed, Bangalore-headquartered IT major told reporters here.Infosys offered 600 pence a share, including any interim dividend declared by the board of Axon, which is listed on the London Stock Exchange.

The offer price is 33.1 per cent premium to six months average price of Rs. 291.3; and 19.4 per cent premium to the closing price of Rs. 324.63 on August 22, the last business day prior to the acquisition announcement.For the year ended December 31, 2007, Axon reported profit after tax of Rs. 1305 million on revenue of Rs. 13211.5 million.."We are excited about this acquisition," Infosys CEO S Gopalakrishnan said.

"The strategic combination of our groups will accelerate the realization of our common aspiration -- that of becoming the most respected provider of business transformational services in the global marketplace," he added.

Infosys said the proposed acquisition intends to create a leading global SAP consulting service provider and have the international reach, scale and financial strength necessary to participate in deals that are transformational for clients' businesses. Rejecting suggestions that the offer price is on the higher side, Gopalakrishnan said the one offered by Infosys is a "fair price".According to officials, Axon has an operating margin of 15 per cent.Further, Infosys officials does not see any hurdles in the acquisition.

Three key founders of Axon, who represent approximately 17.9 per cent of share-holding, have given "irrevocable undertaking" to vote in favor of the acquisition scheme.The Axon board has decided to recommend the acquisition by Infosys after careful consideration, its Non-Executive Chairman Roy Merritt was quoted as saying.

Once the acquisition process is completed, Axon would be delisted from the London Stock Exchange, Infosys Chief Financial Officer V Balakrishnan said.According to Infosys, Axon, which has clients in 30 nations, including the UK, North America, Malaysia and Australia, provides consultancy services to multinational organisations that have chosen SAP as their strategic enterprise platform and has 2,000 employees.Specialising in the delivery of change through technology enabled transformation programmes, Axon's consultants bring "in-depth" industry expertise alongside best practice functional knowledge to address the strategic, operational, information management and organization effectiveness challenges faced by organisations, Infosys said.