Shareholders of the British-based Axon Group plc on Monday (November 24) approved the acquisition of their SAP consulting firm by India’s fifth largest IT bellwether HCL Technologies Ltd.

Announcing the acquisition, HCL chief executive Vineet Nayar told reporters that Axon investors by majority (99.9 percent) accepted the cash offer of 650 pence ($9.78) per share. The deal will be finalized after the court approval of December 15.

The Delhi-based HCL informed the Bombay Stock Exchange (BSE) that a London court had also cleared the scheme of arrangement to implement the acquisition by its subsidiary HCL EAS Ltd at a meeting held prior to the EGM.

In value terms, HCL offered to pay 441 million pounds ($662 million) for 34.7 million shares of Axon in an all-cash deal as against 407 million pounds ($610 million) by Infosys. Infosys, however, pulled out of the deal in mid-October after its board felt the HCL counter-bid was over-priced and beyond its strategic offer price.

Admitting that there could yet be another bidder for Axon between now and December 15, Nayar said that the company was taking strategic steps to ensure it remained strong in the race till the deal was clinched.