-French Atos Origin completes buy of Siemens' IT unit

Internet Business News
07-04-2011
-French Atos Origin completes buy of Siemens' IT unit

INTERNET BUSINESS NEWS-(C)1995-2011 M2 COMMUNICATIONS

4 July 2011 - French IT services provider Atos Origin (EPA:ATO) announced on Friday it had completed the acquisition of German Siemens' (ETR:SIE) IT Solutions & Services division, with the approval of its shareholders.
Atos Origin acquired the unit for some EUR850m (USD1.2bn).

The integration with Siemens IT Solutions & Services will lead to the establishment of a leading, immediately operational European sector player, employing a total 78,500 and generating an annual revenue of EUR8.7bn.

By 2013, the French company, which will change its name to Atos, targets sales of between EUR9bn and EUR10bn and an operating margin of 7%-8%.

Siemens is set to enter Atos' capital with a 15% stake, which it has pledged to keep for at least five years. The German group will have one representative on Atos' board.

Atos and Siemens have also signed a seven-year contract, worth a total EUR5.5bn, under which Atos will manage Siemens' IT park worldwide.

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(Copyright M2 Communications, 2011)