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December 19, 2008 "I am HCL - Axon": HCL – Axon Deal Dissected Dear All,
On December 15, 2008, the website of HCL
Technologies Limited (“HCL”) was
promptly changed to proudly mention “I am HCL Axon”,
immediately after the High Court of Justice in England
and Wales confirmed the approval of the ‘scheme of
arrangement’ for the acquisition of the Surrey (UK)
based Axon Group plc in an all cash deal worth GBP 441
million to be paid to its shareholders by HCL’s UK based
indirect wholly owned subsidiary, HCL EAS Limited.
HCL’s acquisition of Axon, in a
worsening business environment worldwide, puts ambitious
India Inc. in global limelight yet again. The deal which
adds to the acquisition blitzkrieg by Indian Inc.
intensifies the shift of balance of power and raises the
question – has the age of reverse colonization really
arrived?
Please
click here for the document, for a detailed dissection of not only
the Indian and UK legal, tax and regulatory aspects, but
also the commercial viability of this historic
acquisition for HCL which clearly is – the largest
acquisition in the tech space ever by any Indian company
overseas.
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