Onepoint chief calls for review of asset sale by Atos -FT
2:57 pm Thursday, November 02nd, 2023
(Reuters) – Digital consultancy firm Onepoint’s chief executive David Layani has called for a review of a planned deal by Atos to sell some of its struggling assets to Czech billionaire Daniel Kretinsky, the Financial Times reported on Thursday.
Onepoint has asked for more clarity on the deal to review the conditions of the sale of Atos’ legacy operations Tech Foundations including the price, Layani said in an interview with FT.
Under the terms of the August agreement with Kretinsky, Eviden – the rebranded Atos after the sale – would get 100 million euros ($106 million) in net cash the report said, adding that Tech Foundations would be recapitalized by the Czech businessman to the tune of 800 million euros. It would also get 800 million euros in working capital from its former parent.
Eviden should find alternative ways to raise funds without relying on Kretinsky’s investment, such as selling Tech Foundations at a higher price, which would result in less shareholder dilution, Layani told FT.
Shares in IT services and consulting company Atos spiked by more than 16% on Thursday after Onepoint said it has built a stake of nearly 10% in its French competitor, making it the biggest shareholder in Atos.
Atos has recently undergone numerous governance changes, with the latest being former banker Jean-Pierre Mustier taking over as head of its board of directors.
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(Reporting by Surbhi Misra in Bengaluru; editing by David Evans)
