Business
French IT firm Atos agrees to sell Worldgrid unit to Alten
Global Banking & Finance Review®
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PARIS (Reuters) – Atos said on Tuesday it had signed an agreement to sell its Worldgrid
PARIS (Reuters) – Atos said on Tuesday it had signed an agreement to sell its Worldgrid business unit to Alten for 270 million euros ($293.7 million) on an enterprise value basis, in a transaction expected to close before end-2024.
The agreement comes as France boosts its efforts to protect Atos, a struggling software company that is nonetheless considered one of Europe’s most strategic firms in the software and technology sector.
The deal received approval from the EU Commission in September and from the Nanterre Commercial Court last month. The Worldgrid unit employs 1,100 employees and generated 170 million euros in revenue last year.
($1 = 0.9194 euros)
(Reporting by Gianluca Lo Nostro; Writing by Makini Brice; Editing by Sudip Kar-Gupta)
Atos is a French multinational information technology services company that provides consulting and IT services, specializing in digital transformation and technology solutions.
The Worldgrid unit is a business segment of Atos that focuses on providing software solutions for energy and utilities, contributing significantly to the company's revenue.
Enterprise value is a measure of a company's total value, often used as a comprehensive alternative to equity market capitalization, including debt and excluding cash.
The EU Commission is the executive branch of the European Union responsible for proposing legislation, implementing decisions, and upholding the EU treaties.
The Nanterre Commercial Court is a court in France that handles commercial disputes and matters, including corporate transactions and business-related legal issues.
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