Atos - comment

Atos has completed the sale of Bull, its Advanced Computing activities, to the French State for an EV of up to €404m, including contingent earn-outs totalling €104m. This sale refers to the original announcement in November 2024 when the French state made a non-binding offer for the segment for an EV of €500m and upto €625m, including earn-outs. In July, 2025, the perimeter was reduced to exclude Vision AI. The EV dropped to €410m, including €110m of contingent earn-outs. 

The divestment is part of the wider Atos restructuring. The announcement on Tuesday confirms the deal was closed in time for Q1 net debt numbers. It will have no impact on trading levels as it is part of everyone’s forecasts.