April 29, 2024 06:37 GMT
Atos Gets Letter Of Intent For BDS Components; Revises Restructuring Parameters
TECHNOLOGY
- Atos have received a non-binding letter of intent from the French gov’t to acquire the Advanced Computing, Mission-Critical Systems and Cybersecurity Products components of their BDS unit at an indicative EV of EUR 700-1000mn. Confirmatory non-binding offer expected by early June.
- Atos has revised the parameters of the restructuring framework released in early April; now require EUR 1.1bn for 2024-25, up from previous EUR 600mn. Aiming for BB credit rating by 2026 which assumes leverage <2x and reducing gross debt by EUR 3.2bn (previously EUR 2.4bn).
- Revenue CAGR over 2023-2027 now seen at +2.3% compared with +3.1% from last update.
- Deadline for the submission of financing proposals extended to 03 May. Restructuring agreement still aims to be in place by July 2024.
- https://atos.net/en/2024/press-release_2024_04_29/market-update-april-29-2024.
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