Atos - comment

In November 2024, the French state made a non-binding offer for the Advanced Computing Activities of Atos for an EV of €500m and up to €625m, including earn-outs. Today, Atos announced the confirmatory offer, but the bid is now excluding the newly separated Vision AI segment. Due to the reduced scope of the transaction, excluding the Vision AI segment, the EV has dropped to €410m, including €110m of contingent earn-outs. 

The Vision AI segment, which previously contributed over one-third of the operating margin of the original perimeter, will now be integrated into Eviden as a newly established business unit.

The transaction is expected to close in FY2026. Despite the reduced size, Atos has confirmed that the deal does not affect the overall deleveraging plan presented during its Capital Markets Day in May.