The Atos headquarters in Bezons, near Paris, April 26, 2024 (AFP / Ludovic MARIN)
Final duel between Daniel Kretinsky and Onepoint: Atos, heavily in debt, announced on Monday that it had received two “revised” financial restructuring offers, one from the Czech businessman and the other from a consortium led by its principal shareholder, with the aim of ensuring “maximum support” for one of these proposals by Wednesday.
“The Atos Board of Directors has authorized management to work with the company’s financial creditors, under the aegis of the Conciliator, to ensure that maximum support for any of these proposals is likely to be achieved. “be assured by June 5, 2024, with the aim of reaching a final financial restructuring agreement by July 2024”, indicated the French IT group in a press release.
The next communication from Atos is announced on Thursday “to provide an update on the discussions”.
“Both proposals are broadly consistent with the financial parameters set by the company, particularly with regard to debt reduction and short and medium term financing needs,” the company added.
Atos, technological pillar of the Paris Olympics this summer, announced that it needed 1.1 billion euros in liquidity for its activity in 2024-2025 and wanted to reduce its gross debt by 3.2 billion euros, by 4. 8 billion euros, to safeguard its activity.
“350 million euros of additional short-term financing (are) currently being negotiated as part of the revised financial proposals submitted,” Atos management said on Monday.
Among the two “revised” offers still in the running are that of EPEI, from Czech billionaire Daniel Kretinsky (in discussions to buy part of Atos, before negotiations broke down in February), allied to the Attestor fund, and that of Onepoint, first shareholder of the company with around 11% of the capital, in a consortium also including the investment company of businessman Walter Butler, the company Econocom, and a group of “certain creditors” of Atos.
– “massive dilution of shareholders” –
In the document published by Atos, Mr. Kretinsky and Attestor submitted an offer to take over the entire scope of the group, which provides for the cancellation of around 3.4 billion euros of debt compared to 4 billion initially.
They say they are ready to provide 500 million euros in capital increase and invest up to 200 million additional euros to meet the company’s liquidity needs.
The offer led by David Layani, boss of Onepoint, and associated creditors provides for a restructuring of the debt to the tune of 2.9 billion euros and a capital increase of 250 million euros, which would result in the distribution of capital following: 21% for the consortium led by Onepoint and 9% for the bondholders.
“The implementation of the proposals will in any case lead to massive dilution of current Atos shareholders,” warned the French IT group.
The group’s shares closed on Monday down 18.31% to 1.37 euros.
At the same time, Atos said it had received “several takeover proposals” for its subsidiary specializing in the management of nuclear power plants, Worldgrid, which it is currently examining.
The Minister of the Economy Bruno Le Maire announced on Tuesday his intention to place this activity under the control of public authorities, while the French State has repeatedly repeated its desire to acquire the activities of Atos deemed “strategic “, so that they do not fall into the hands of foreign actors.
Bercy has already expressed its interest in other sovereign activities of the group (supercomputers used for nuclear deterrence, contracts with the French army and cybersecurity products).
The issuance of an offer from the State with a view to acquiring 100% of the “Advanced Computing”, “Mission-Critical Systems” (MCS) and cybersecurity activities, for an estimated value “between 700 million and 1 billion euros”, is expected by mid-June 2024, Atos said on Monday.
The Ministry of the Economy also made a loan of 50 million euros to the company and acquired a “preferential share” allowing it to veto certain operations at the level of Bull, the subsidiary which builds its supercomputers.
Global IT partner of the International Olympic Committee (IOC) since 2002, Atos will be one of the technological pillars of the Paris 2024 Olympic Games (July 26-August 11), with the missions of managing accreditations, instant dissemination of results, or again cybersecurity.