Immediate effect. Atos, the former flagship of French tech which has had a series of disappointments, gave up this Monday, February 5, the capital increase project supposed to bring it a breath of fresh air. The French IT group has announced that it is calling on an ad hoc agent to help it negotiate with its creditor banks. He was immediately sanctioned on the Paris Stock Exchange: his share lost more than a quarter of its value, falling by 28.95%, to 2.79 euros, which brings its decline to 60% since the start of the ‘year. The stock even reached the lowest level in its history during the day.
It all started with a new financial communication from the company, published this Monday morning, in which it indicates canceling its capital increase of 720 million euros, planned since the summer of 2023. At the time, this operation had was even announced at 900 million euros, before being revised downward at the start of the year. Atos, which justified this decision by “the evolution of the market context”, specified that another capital increase, of a lower amount, could not be ruled out in the future.
22 creditor banks
The cancellation of this operation is “catastrophic” given the group’s difficulties, said an analyst. “It was new money supposed to give a little oxygen,” insisted Lionel Melka, managing partner of Swann Capital. Especially since Atos, which saw its financial rating downgraded at the end of January by the S&P agency, is faced with a wall of debt, with 3.65 billion euros of loans and bonds to be repaid or refinanced before end of 2025.
Forced to negotiate with its 22 creditor banks, the group also announced that it had requested the appointment of an ad hoc agent to assist it in its discussions. In doing so, Atos wishes to “accelerate discussions” with these establishments to reach a solution, a source close to the matter explained to AFP.
At the same time, the group said it was continuing its negotiations with Czech billionaire Daniel Kretinsky for the takeover of Tech Foundations, the entity which brings together the historic outsourcing activities. And this “without certainty that they will reach an agreement”, repeated Atos. Caution already expressed at the beginning of January. The group is also continuing its discussions with Airbus for the sale of its big data and security (BDS) activities. He opened a “due diligence” phase (consultation of accounts, Editor’s note) prior to negotiations.
Atos had indicated that the enterprise value of the scope concerned was estimated between 1.5 and 1.8 billion euros. The former French flagship, which has recently undergone several changes in governance, will also have to face an information mission to the Senate, the work of which should begin “in February”.