By Pierre Bertrand

Atos said it received a non-binding offer from the French government to buy part of the IT-firm's big data and cybersecurity division for a total enterprise value of 700 million euros ($751.6 million).

The government's offer is for Atos's advanced computing, mission-critical systems and cybersecurity products activities, the debt-laden French company said.

French interest in the division dates back to late April. At the time, Atos received a non-binding letter of intent from the French state as it too worked to prevent the collapse of a company involved in sensitive operations.

Atos's operations span high-performance computing, IT management, service and maintenance, cloud and cybersecurity, including for governments, homeland security and defense clients. Atos is also the cybersecurity provider for this summer's Paris Olympics.

The government offer comes as Atos works to restore investor sentiment and return to profitability through a financial restructuring with a consortium including key shareholder Onepoint, Butler Industries, Econocom and some Atos creditors. It reiterated that it intends to have the plan implemented by July.

The restructuring plan aims to inject much-needed liquidity into Atos and address the company's persistently high debt. Atos aims to improve its credit profile, hoping to regain a BB credit rating profile by 2026.

Atos said it will discuss the offer with the French state but that there were no guarantees a definitive deal would be struck.

A previous attempt to sell the big data and security unit to Airbus for up to EUR1.8 billion fell apart in March.

Write to Pierre Bertrand at

(END) Dow Jones Newswires

06-14-24 0307ET