web analytics

C’est La Vie: French Atos Acquisition Bid Expires – Source: www.databreachtoday.com

Rate this post

Source: www.databreachtoday.com – Author: 1

Governance & Risk Management
,
Managed Security Service Provider (MSSP)

Parties Vow to Continue Negotiations

Akshaya Asokan (asokan_akshaya) •
October 7, 2024    

C'est La Vie: French Atos Acquisition Bid Expires
Image: Shutterstock

Time ran out for a non-binding takeover bid from the French government for the cybersecurity business of beleaguered Parisian IT consultancy Atos.

See Also: MSSP Checklist: Increase Sales with the Right People, Processes, and Tools

The French government earlier this year offered 700 million euros to acquire the advanced computing, mission-critical systems and cybersecurity units within the Atos big data and security division. Among the world’s largest managed security service providers, the financially struggling firm is strategically important to the French government. The units targeted for acquisition by the government support the French military and other government agencies.

The offer expired Oct. 4 without a deal even as Atos vowed Monday to continue discussions after transmitting a new proposal to the government.

Recently appointed Finance Minister Antoine Armand said that Atos rejected the government’s latest offer, submitted on Sept. 30. The government also intends to continue negotiations, he added.

Atos received an emergency 50 million euro loan from the French state earlier this year to support the company’s Bull SAS computing subsidiary. Banks and bondholders committed nearly 1.7 billion euros in financial in July (see: Atos Secures 1.675 Billion Euros in Financing to Stay Afloat).

It is in the midst of a restructuring plan that received approval from shareholders and creditors on Sept. 27.

The plan, Atos said Monday, assumed that the advanced computing, mission-critical systems and cybersecurity units would remain with Atos. Le Monde reported in April that the units generate annual revenue of 900 million euros and employs nearly 4,000 people. The company as a whole has roughly 11 billion euros in annual revenue but has experienced years of declining revenue, rising losses and CEO turnover.

Failure to consummate the latest deal comes after European aerospace giant Airbus called off a multibillion-euro plan to acquire the big data and security division (see: Airbus Backtracks From Planned Atos Cybersecurity Takeover).

Original Post url: https://www.databreachtoday.com/cest-la-vie-french-atos-acquisition-bid-expires-a-26471

Category & Tags: –

Views: 0

LinkedIn
Twitter
Facebook
WhatsApp
Email

advisor pick´S post