Atos Gets Offer From French State for Strategic Computing Assets

(Bloomberg) -- Atos SE said it received an offer from the French state for the group’s advanced computing assets, which values the unit deemed critical to the country’s nuclear industry at €410 million ($467 million). 

The assets include high-performance computing, quantum and artificial intelligence divisions that are expected to generate revenue of about €800 million in 2025, according to a statement on Monday. Atos said it aims to sign a binding agreement in the coming weeks and close the transaction in 2026. The enterprise value includes €110 million in earn-outs based on profitability indicators.

The offer is lower than a November bid of €500 million as it excludes the Vision AI unit that Atos. The UK-based division offers AI-powered video analytics for operations, safety and security, including abandoned luggage detection and crowd management, which will will be part of Atos’ new focus, the group said. 

Atos, once one of France’s premier technology companies, has been selling assets to work its way out of a crushing debt pile after a series a setbacks and missed deals that sunk the company’s share price. It was handed over to its creditors in January in a deal that converted €2.9 billion of loans and bonds into equity and new financing. The creditors are now seeking to recoup as much value as possible as they try to streamline the business and restart growth. 

“It is the role of the state, where justified, to ensure the survival and development of the most strategic industrial activities,” Finance Minister Eric Lombard said in a separate statement. The finance ministry said the unit has about 2,500 employees, mostly in France.

In May, Atos presented a reorganization plan aiming to reach €9 billion to €10 billion in sales in 2028, which it said could be achieved through deals and about a 10% operating margin. 

A sale of the company’s Mission Critical Systems unit, a business that produces communication technology that’s key to the French army, has been put on hold, it said at the time.

Last year, Philippe Salle became the company’s seventh chief executive officer in about three years, charged with turning Atos around.

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