Atos considering a major acquisition of the Channel

A year after his arrival at the head of Atos Origin, Thierry Breton is considering a huge blow. According to several sources, the computer services company is studying the possible French takeover of RBS WorldPay, a giant global means of payment for sale by its owner, Royal Bank of Scotland. The British bank, quasi-nationalized, is forced by Brussels to give a few nuggets for the price of his support.

While an indicative tender submission is expected April 7, Atos mandated, according to our information, investment banks Morgan Stanley and BNP Paribas. This is a major operation that would transform the profile of Atos Origin: RBS WorldPay would, according to some estimates, nearly 2 billion to 2.5 billion euros, when the French weighs 2.6 billion euros Stock Exchange. But such an acquisition would allow it to lead the world in a particularly lucrative.Note, also, Atos and RBS WorldPay is familiar with and have discussed in past agreements outsourcing.

Thierry Breton has declined comment. It merely recall the three criteria based on which Atos generally to measure interest in a possible acquisition: "We study asset quality. We wonder what synergies can be achieved and if we have the financial capacity to carry out the operation. "Applying the grid reading of the former Minister of Economy, the first two requirements seem satisfied. Atos Origin is already a major European player in the business of electronic payments make quick cash .His division Atos Worldline is highlighted by managers as a key growth engines of the group.

Attractive margins

Last February, Thierry Breton had also said that the goal was to double the turnover of this activity by 2013! The reason is simple: the business of electronic transactions liberates operating margin of nearly 15%, whereas it was only 5.7% for the whole group in 2009.

There remains the question of price. Although SSII has restructured its cash and reduced its debt to 139 million euros in 2009, the UK seems like a big piece to swallow. Especially since the competition will be fierce.RBS has already boasted of a long list of candidates interested in this tender orchestrated by the Swiss investment bank UBS is spoken at this stage of forty contenders! The sale of RBS WorldPay promises to attract, in particular the ban and arriere ban of the investment fund KKR to Apax Partners, attracted by the good visibility of cash flow activity. However, unlike financial investors, Atos account synergies consistent with its existing business and, therefore, may potentially justify a higher price.

But before that happened, Thierry Breton will convince its board of directors and, especially, the fund PAI, its principal shareholder. With 23% stake in Atos, investors led by Lionel Zinsou has the ability to block the project. Or help. Good news at least for Atos, the financing market has reopened.

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