French technology services provider Atos has commenced exclusive talks with EP Equity Investment (EPEI) to sell its Tech Foundations (TFCo) business in a deal valued at €2bn ($2.2bn).

The deal will see Atos receive €100m from EPEI, which will assume €1.9bn worth of liabilities of TFCo.

EPEI is backed by Czech billionaire Daniel Kretinsky.

In June 2022, Atos announced that it was considering the possibility of splitting its Eviden and TFCo business.

Upon completion, Atos will be renamed to Eviden and Tech Foundations will continue using the Atos brand.

The divesture will allow Eviden to focus on digital, cybersecurity, cloud, and advanced computing business, Atos noted.

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As part of the latest deal, Atos said it plans to raise €900m to increase its capital base, with €217.5m coming from EPEI, giving it a 7.5% stake in Eviden.

Atos leadership team, Nourdine Bihmane, Diane Galbe and Philippe Oliva said: “Following the sale of TFCo, Atos would become Eviden, a global leader in digital transformation with full strategic flexibility and enhanced capital structure to further accelerate its development.

“TFCo stakeholders would benefit from the backing and long-term vision of EPEI to fully implement its transformation and repositioning. This transaction will unlock new opportunities for the employees of both TFCo and Eviden. We welcome EPEI’s full support to TFCo’s management and employees.”

Atos’ board has approved the transaction, which is expected to close in late 2023 or early 2024, subject to shareholder approval and other closing conditions.