Atos refuses to sell its identity and access management security business to a private equity firm
Atos – the major struggling French IT consultancy – has rejected an unsolicited offer to sell its identity and access management (IAM) security business – known as Evidian – to Onepoint and the fund. of ICG private equity.
The offer price had an enterprise value of 4.2 billion euros ($4.11 billion), Atos revealed. In a statement on the unsolicited offer, Atos said:
“Following the in-depth examination of this preliminary and non-binding expression of interest, and on the recommendation of its ad hoc committee, the Board of Directors met and concluded unanimously that it is not is not in the interest of the Company and its stakeholders, and the Board of Directors has therefore decided not to proceed.
Breakup of Atos? Familiar rumors
Rumors that Atos would sell some or all of its IT consulting assets have been circulating intermittently for more than a year. A breakup plan from Atos in June 2022 provides for Evidian to be held on the stock exchange. The Evidian unit is growing – generating revenue of 4.9 billion euros ($5.11 billion) in 2021, up 5% organically compared to 2020, and generating an operating margin of 7.8%, indicated Atos in June 2022. However, the rupture plan seems to have rekindled the interest of the offeror in the various assets of Atos.
In mid-2021, Cinven was among private equity firms interested in acquiring Atos, Unquote reported. KKR, Advent International and Bain may have also taken a look at the business, the Unquote report added in August 2021.
Atos’ cybersecurity business has generated takeover rumors several times in recent months. Potential suitors apparently included Airbus and Thales, according to reports in early 2022.