2024-01-03 09:16:11
The French group has just announced a series of measures to ensure its sustainability. STEPHANE MAHE / REUTERS
The group is opening a due diligence phase with Airbus with a view to the sale of cybersecurity and big data activities, plans to reduce the capital increase planned for Eviden, and has initiated discussions with its banking partners to guarantee its financial sustainability.
Atos’ reaction was expected. After several weeks of movement around the group, the new increase in the capital of the shareholder OnePoint led by David Layani, the renewed interest of Airbus in cybersecurity and big data activities, the still complex situation of debt and the sale ongoing outsourcing activities at Daniel Kretinsky, the French flagship came out of the woods this Wednesday morning with a broad update intended to inform the markets and its stakeholders on the group’s transformations.
The most important announcement concerns the opening of a due diligence phase with Airbus around BDs activities (cybersecurity and big data). In recent weeks, the European aircraft manufacturer has returned to the issue in force, as Le Figaro revealed. Atos confirms having received a sign of interest from the aircraft manufacturer, which values BDs activities between 1.5 to 1.8 billion euros. The offer covers the entire scope. “Currently at a preliminary stage, discussions with Airbus will progress and the market will be informed of their outcome in due course,” explains Atos, which nevertheless hopes to complete the operation in the first quarter of 2024.
Also read: Atos: the French Onepoint is gaining momentum by taking 11.4% of the capital
This sale of assets will be decisive, particularly in view of other movements in progress. In the summer, the group notably launched a major capital increase (at least 900 million euros) for the Eviden activities. Very risky, given the sluggish stock market price. But if the Airbus deal goes through, Atos may need less funding for Eviden.
Handover to Kretinsky takes longer
But in any case, the capital increase, and the possible sale of other assets, will also depend on the outcome of the negotiations with Daniel Kretinsky on the sale of the outsourcing activities (Tech Foundations). Initially announced in the summer, the discussions “are taking longer than expected, and there is no certainty that they will lead to an agreement”said Paul Saleh, financial director of Atos, this Wednesday.
The question of price, the structure of the operation and the transfer of a large part of the liabilities are still under discussion. As well as the conditions under which the Czech billionaire could be released from the obligation to participate in the capital increase planned for Eviden. An operation in which his holding company EPEI was to participate to the tune of 200 million, but for which David Layani, now the largest shareholder of Atos, wishes to release Daniel Kretinsky.
Read alsoBruno Le Maire will ensure “firmly” to keep the strategic branch of Atos “under French control”
Another subject raised and not the least, the debt situation, which amounts to no less than 5 billion euros gross and puts the group under great tension. In late November, the S&P said Atos could face liquidity problems as late as early January, pushing the idea of a restructuring. The next maturity
Debt, priority
In the press release published this morning, the group makes the repayment and refinancing of debts a priority and mentions the priority of obtaining new financing with its banking partners. “If the outcome of the discussions with the banks proves uncertain, we can resort to legal protection mechanisms for our financiers”further specifies Paul Saleh, the financial director of Atos, without saying more about the nature of these mechanisms.
Finally, the group continues to modify the composition of its board of directors. Four members (Valérie Bernis, Aminata Niane, Vernon Sankey, René Proglio) are leaving, Atos having decided to appoint François Mercadal-Delassalles and Jean-Jacques Morin to replace them. These two profiles strengthen consulting skills in the field of digital and digital technologies, indicates Atos. Other movements are expected shortly, especially as Atos must also make room in its governance for its largest shareholder, OnePoint.
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