French government offers to buy IT firm Atos' advanced computing activities
acquisition of its advanced computing activities for an enterprise value of 500 million euros ($524 million), it said on Monday.
Atos, which secures communications for the French military and secret services and manufactures servers to make supercomputers, is undergoing a restructuring to tackle its large debt. The government has for months been making a concerted effort to reach a deal to retain control over Atos' strategic technology assets within the country.
The target is to have a share purchase agreement signed by May 31, when an exclusivity period ends, Atos said in a statement, adding that an initial payment of 150 million euros would be made when the deal was signed.
The offer could potentially be increased to 625 million euros including earn-outs, it added.
Atos — once seen as one of Europe's champions in the software and technology sector — has been teetering on the brink of financial collapse in recent months, and its recovery hinges on the implementation of its accelerated safeguard plan.
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