Atos has chosen a takeover offer from a consortium led by Onepoint. GETTY IMAGES

Struggling French tech group Atos, an Olympics partner and key French defense contractor, announced on Tuesday that it had chosen a takeover offer from a consortium led by its major shareholder, Onepoint.

Atos, which manages supercomputers for France's nuclear deterrent, holds contracts with the French army, and serves as the IT partner for the Paris Olympics, is burdened with nearly €5 billion in debt.

The company stated that its board selected the financial restructuring proposal put forth by digital consultancy Onepoint, led by French businessman David Layani, along with partners Butler Industries and Econocom, over a competing bid from Czech billionaire Daniel Kretinsky.

"Today is an important milestone in our financial restructuring process," Atos chairman Jean-Pierre Mustier said in a statement. "A solution has emerged, which aligns with the interest of the Company's stakeholders, particularly our employees and clients," he said.

The company stated that Onepoint's offer had "the support of a large number of Atos' financial creditors and thus gives greater confidence in reaching a definitive financial restructuring agreement."


Atos has revealed it has chosen a takeover offer from a consortium led by its major shareholder, Onepoint. GETTY IMAGES
Atos has revealed it has chosen a takeover offer from a consortium led by its major shareholder, Onepoint. GETTY IMAGES


Atos indicated it would collaborate with the Onepoint consortium to finalise a financial restructuring agreement to be implemented by July. The Paris Olympics, starting on 26 July, will see Atos providing real-time results and managing over 300,000 accreditations. Despite its financial difficulties, Atos has assured that its operations during the Games will remain unaffected.

Atos, a crucial government contractor, will see the French state acquiring its strategically important activities, including advanced computing, "mission-critical systems," and cybersecurity products. Economy Minister Bruno Le Maire stated that this move would prevent such strategic operations from "falling under the ownership of foreign actors." The government has also extended a €50 million loan to Atos.

Onepoint's financial restructuring deal involves injecting €250 million in new equity into Atos, providing €1.5 billion in new debt, and converting 2.9 billion euros of debt into shares. "The proposal submitted by the Onepoint consortium is generally consistent with the key financial parameters outlined by the Company in April," said Atos chief executive Paul Saleh.

"It will adequately fund the business and allow Atos to extend its leadership position in the market and continue to deliver outstanding services and solutions to its clients," he concluded.