This {photograph} taken on April 26, 2024 exhibits the headquarters of the French multinational info know-how firm ATOS in Bezons, close to Paris. (Photograph by Ludovic MARIN / AFP) (Photograph by LUDOVIC MARIN/AFP through Getty Photographs)
Ludovic Marin | Afp | Getty Photographs
Shares in beleaguered French IT firm Atos fell round 12% on Tuesday after the agency mentioned it had chosen a rescue deal, which is about to end in a serious dilution of current shareholders.
Shares had been final down 11.8% as of 10:51 a.m. London time.
Atos mentioned it will go forward with a proposal by main shareholder David Layani, whose IT agency Onepoint held round 11% of Atos’ share capital and voting rights as of December 2023 in keeping with its web site. Atos was additionally contemplating a rival supply from Czech billionaire Daniel Kretinsky.
The deal will however result in a “huge dilution” of current shareholders, who’re set to carry lower than 0.1% of share capital as soon as it’s accomplished, Atos mentioned.
Atos mentioned Layani’s deal included a stronger capital construction and offered the agency with sufficient monetary liquidity to remain in enterprise.
“The proposal submitted by the Onepoint consortium additionally has the help of a lot of Atos’ monetary collectors and thus offers better confidence {that a} definitive monetary restructuring settlement will likely be reached,” the corporate mentioned.
Layani on Tuesday mentioned the deal companions needed to enhance Atos’ steadiness sheet and be sure that the corporate turns into a serious worldwide participant within the tech sector, Reuters reported.
Layani’s deal is fronted by Onepoint, in addition to funding firm Butler Industries, IT firm Econocom and a few of Atos’ monetary collectors. It’s anticipated to be applied by July.
Atos
Atos is managing knowledge and cybersecurity for the Paris 2024 Olympics and holds varied delicate contracts with the French navy and different authorities.
It has been dealing with mounting monetary troubles, together with hovering debt, for a while, with its web debt standing at 3.9 billion euros ($4.2 billion) on the finish of the primary quarter.
Atos has been in discussions about varied offers all through its monetary hardships, with a number of main firms together with Airbus displaying curiosity. Earlier this yr Atos additionally mentioned it had acquired a letter of intent from the French authorities to accumulate elements of its enterprise.
