2024-01-04 17:59:32
And here Airbus is again in the Atos rescue file. The IT group, currently in great difficulty, announced on Wednesday January 3 that it had entered into negotiations with the aircraft manufacturer to sell it its big data and cybersecurity (BDS) activities which are housed in its Eviden branch.
Strategic professions
The file is extremely sensitive given the scope concerned. Atos software is used, for example, for internal intelligence, part of the Rafale’s connectivity, the simulation of nuclear tests and even the secure telephone of the armed forces. Of the 9,700 Atos employees in France, around 900 have defense secret clearance. In October, deputies from the right and the left had also called for a nationalization of the company in the name of national sovereignty.
The discussions are “currently at a preliminary stage “, nevertheless specifies Atos, in its press release, citing a value for BDS of between 1.5 billion and 1.8 billion euros.
“The acquisition of BDS could significantly accelerate Airbus’ digital transformation, enhance the company’s defense and security portfolio with strong capabilities in cyber, advanced computing and artificial intelligence, and support the leaf Airbus’ roadmap for decarbonization»argues the aircraft manufacturer.
The turn on the Airbus wing
In February 2023, Airbus had already started discussions with Atos. The proposal then concerned a 29.9% stake in Eviden. But two months later, he threw in the towel, saying that the acquisition of this minority share no longer corresponded “to the objectives of the company”.
Many rumors then circulated to explain this change of heart. The asking price was considered too high and the hedge fund TCI, a minority shareholder of Airbus, opposed the transaction. But according to military sources, relayed by Letter A, the real reason was the veto put by the Directorate General of Armaments (DGA), in order to keep Airbus, and the German state which is a shareholder, away from powerful supercomputers. of Atos. “Several hypotheses can explain this change in position by Airbus, such as an intervention from the Élysée or the fear that Thalès will recover BDS », Underlines a source close to the matter.
Difficult to see clearly
For months, the soap opera has experienced quite a few twists and turns, which are very difficult to follow. In August, Atos management announced the sale of the other branch of Atos, Tech Foundations, which brings together outsourcing activities and represents a little less than half of the group, to Epei, the Czech billionaire’s company. Daniel Kretinsky, who has multiplied acquisitions in France, such as Casino and Editis. He was also to recover 7.5% of Eviden.
But the financial package, considered too favorable to the businessman, had sparked an outcry among the political class, who feared the loss of assets considered strategic for the benefit of a foreign company, as well as among minority shareholders. .
Deal with Daniel Kretinsky could be called into question
To the point that today, the finalization of the operation has still not been recorded. “Discussions are continuing on the price to pay, the structure of the operation and the transfer of a very large part of the liabilities attached to Tech Foundations. As with all negotiations, there is no certainty that they will lead to an agreement.indicates Atos in its press release.
During a conference call with analysts on Wednesday January 3, Paul Saleh, the financial director of Atos, was even more direct in explaining that the negotiations with Epei were “taking a little longer than expected».
The group also acknowledges studying “the legal and financial conditions under which Epei could be released” of its commitment to take 7.5% of Eviden.
The wall of debt
In the meantime, the One Point consulting firm continues to increase its stake in Atos. He already owns more than 11% of Atos and could continue his purchases while the company only weighs 730 million euros on the stock market. The debt meter also continues to tick. Atos must repay or refinance 3.65 billion euros of loans and bonds maturing by the end of 2025. The group has thus confirmed that it is in discussions with its banks to review its repayment schedules.
If the transaction with Epei does not go through, it could carry out additional asset sales. For several months, the Union of Constructive Atos Shareholders (Udaac), which says it represents approximately 2% to 2.5% of the capital, has been campaigning for the sale of American activities.
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