Atos said on Monday that it needed 1.1 billion euros of liquidity to finance its business over the period 2024-2025, up from 600 million euros previously announced, due to changing market conditions.

These funds may take the form of debt and/or capital from existing stakeholders or third-party investors, the group said in a statement.

Atos is also targeting a BB credit rating by 2026, implying a reduction in gross debt of 3.2 billion euros, compared with 2.4 billion euros previously.

In dire financial straits, Atos warned on Thursday that it needed additional liquidity and would therefore revise its refinancing plan presented at the beginning of April.

The long-awaited refinancing plan was based on raising 1.2 billion euros in new money and converting half of the debt into shares.

However, the downturn in business in the first quarter forced the Group to revise its business plan for 2024-2027.

The group also said it welcomed "with satisfaction" the French government's non-binding letter of intent to acquire 100% of the activities deemed strategic, namely Advanced Computing, Mission-Critical Systems and Cybersecurity Products from the BDS division of Atos SE.

Atos specifies that the due diligence phase with the French State will begin shortly, with a view to issuing a confirmatory non-binding offer by the beginning of June 2024.

Bruno Le Maire, French Minister of the Economy and Finance

said

Sunday that the French state had sent a letter of intent to the group to acquire activities it considers strategic. (Written by Kate Entringer)