Atos Origin has signed an agreement to acquire the core IT services activities of SchlumbergerSema from Schlumberger.
The agreement, which is expected to be completed no later than January 2004, is subject to regulatory approvals and approval by the shareholders of Atos Origin. The transaction will create one of the leading global IT services companies, with combined annual revenues in excess of 5 billion Euros and a presence in France, Benelux, the UK, Spain and Italy.
To seal the deal, Atos Origin will deliver 19.3 million shares to Schlumberger including 0.3 million treasury shares, representing 28.9% of the outstanding capital of the combined group, together with 400 million Euros in cash.
The transaction, based on the volume weighted average price of Atos Origin shares for the 20 days preceding September 19, 2003 (45.9 Euros), values the purchase at 1,287 million Euros.
Following shareholder and regulatory approvals, the new group will be led by Bernard Bourigeaud, Chairman of the Management Board and Chief Executive Officer of Atos Origin.