Atos chairman leaves while French group posts lengthy business update

The firm has reported the latest on the potential sale of Tech Foundations to EP Equity Investment

Atos chairman leaves while French group posts lengthy business update

After being the subject of a lot of coverage the past year, Atos has published an update on the proposed sale of its Tech Foundations business to EP Equity Investment (EPEI).

Following its announcement on August 1 that it had entered into exclusive negotiations for the contemplated sale of Tech Foundations to EPEI, Atos now confirms that preparatory stages of the project are underway.

The French firm said it has started social consultation with the Societas Europaea Council (SEC) and at local level, and submitted most regulatory pre-filings or filings across the various concerned jurisdictions.

Atos reaffirmed the sale would offer the "most achievable execution path" to the separation of Tech Foundations and Eviden and would improve the risk profile of the group post-transaction.

The company announced its transformation plan in June 2022 of the full separation of Eviden and Tech Foundations.

Atos SE will be renamed Eviden SE post the completion of the EPEI group's takeover of Tech Foundations.

Atos said that, taking into consideration the different business dynamics of the Tech Foundations and Eviden perimeters, the board determined the split was the best way forward in the interest of all Atos stakeholders.

It added the sale of Tech Foundations would "unlock" the intrinsic value of Eviden since the business operates in market segments that command higher valuation multiples than Tech Foundations.

This detailed update is an effort from Atos to improve its communication following public criticism from shareholders, The Tech Market Review speculates.

Atos chairman steps down

The higher ups at Atos continue to change following the appointment of a new CEO earlier this month.

In a separate announcement, Atos reported that its chairman and director of the board, Bertrand Meunier has stepped down.

As a result, the board unanimously approved the appointment of Jean Pierre Mustier as non-executive chairman and Laurent Collet-Billon as non-executive vice-chairman, effective immediately.

"During my time as chairman, the governance of Atos has been strengthened with a renewed, tightened, more international and diversified board of directors," Meunier said.

"Recently, the group welcomed a new CEO and a new CFO who will pursue the group's fundamental transformation. My commitment to the global and transformative transaction has always been driven by the preservation of the company's corporate interest.

"Eviden is the only French solution capable of meeting the national and European sovereignty challenges. I am pleased to hand over the group chairman position to Jean-Pierre Mustier. His unwavering support has been invaluable to me, and I know that the management team will be able to count on him as they work together to lead the group to success."

Pierre Mustier and Collet-Billon have been serving as independent directors of the Atos board since May 2023.