Published
1st October 2023
In June 2022, Atos published initial details of its plan to separate its business into two companies; to be called Tech Foundations and Eviden. The restructure has allowed Atos to place its digital, big data and cyber security activities into the Eviden business, and to operate its more traditional services, including core infrastructure, professional services and business process outsourcing from within the Tech Foundations business.
Atos IT Services UK Limited (“Atos UK”) is the Atos company responsible for providing the direct financial support required to enable the Trustee to pay the retirement benefits earned by Scheme members if the Scheme’s assets were insufficient. Under the restructuring, Atos UK will be part of the Tech Foundations business.
As a result of the discussions between the Trustee and Atos UK regarding the pension scheme mergers completed in 2019, the Scheme also benefits from a Parent Company Guarantee issued by Atos SE. The Guarantee means that Atos SE would be required to provide the additional financial support needed for members’ benefits to be secured in full with an insurance company if Atos UK could not fully support the Scheme.
Announcement of proposed sale of the Tech Foundations business to EP Equity Investments (“EPEI”)
On 1 August 2023, Atos announced that it had entered into exclusive negotiations with EPEI for the sale of the Tech Foundations business - including Atos UK. Until any sale is completed, Atos UK and all other Tech Foundations businesses remain Atos owned companies. The negotiations between Atos and EPEI over the sale are currently ongoing, with any in principle agreement that may be reached subject to approval from Atos’s shareholders, the relevant regulatory authorities and a small number of other third-parties. Further information regarding the proposal is available on the Atos website and can be accessed via the link below: https://atos.net/en/2023/press-release_2023_08_01/atos-to-complete-its-transformation-throughthe-contemplated-sale-of-tech-foundations
To read the full member announcement please click here.
