Governance & Risk Management
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Managed Security Service Provider (MSSP)
Shareholder Onepoint Withdraws From Confirmed Restructuring Plan
A takeover bid of debt-ridden French IT consultancy Atos hit a roadblock after a key company shareholder withdrew from a financial restructuring plan designed to help the firm recover from its 3.9 billion euro liability.
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Atos earlier this month agreed to financial restructuring plans put forward by a consortium of investors and creditors led by Onepoint, a Paris-based IT consulting firm and Atos shareholder (see: Atos Agrees to New Financial Restructuring Plans).
Onepoint owner David Layani on Wednesday withdrew from the deal after the consortium, which includes Butler Industries and Econocom, “found that the conditions were not ripe to reach an agreement paving the way for a lasting solution.”
Atos is the world’s largest managed security services vendor serving public and private-sector clients. Among other things, it provides cybersecurity for the 2024 Summer Olympics.
In a statement on Wednesday, Atos said it still seeks to reach a definitive financial restructuring agreement by July. The company is currently reviewing an alternative financial plan put forward by bondholders’ representative committee SteerCo.
“Discussions are continuing with the representative committee of bondholders (SteerCo) and certain banks on the basis of this proposal in order to reach an agreement as soon as possible,” Atos said.
Atos also received a renewed expression of interest from Czech billionaire Daniel Křetínský and his EP Equity Investment company, who Layani and company beat out earlier this month.
Atos received “a non-binding confirmatory offer letter” from the French government about acquiring the advanced computing and cybersecurity units of the company’s loss-making Big Data and Security division (see: French Government Bids on Atos’ Cyber and Computing Assets).
Atos finalized an agreement with the French government on Wednesday to protect the state’s “sovereign interests.” Atos subsidiary Bull SA will issue the French government a “preferred share” allowing it nonvoting representation on corporate bodies and prior authorization and approval rights (droits d’autorisation préalable et d’agrément) designed to protect sovereign sensitive activities.”