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Atos Origin to Buy Siemens IT

Atos Origin to Buy Siemens IT - French information-technology company Atos Origin SA has agreed to buy Siemens AG's IT Solutions and Services business for €850 million ($1.14 billion).
The companies said Tuesday the deal aims to create a "European IT champion," which would compete with International Business Machines Corp. and Capgemini, among others.

As part of the deal, Atos Origin will issue 12.5 million shares, currently valued at €414 million, giving Siemens a 15% stake that the German industrial conglomerate will hold for at least five years. Atos Origin also will pay €186 million in cash and issue a €250 million convertible bond that will be held by Siemens.

The company created by the deal will have 78,500 employees and about €8.7 billion in annual revenue, with sales expected to reach €9 billion to €10 billion range by 2013.

Atos Origin will receive a seven-year, €5.5 billion outsourcing contract from Siemens.
The two companies expect the transaction to be closed by July, subject to regulatory approval.
Siemens also said the deal will cause "considerable negative earnings impact" for its fiscal year 2011, which ends Sept. 30, but gave no further details.

Atos Origin to Buy Siemens IT
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