Siemens To Sell IT Business To Atos For €850M

Law360, New York (December 15, 2010, 7:50 PM EST) -- Siemens AG has said it will sell its information technology business to Atos Origin SA for €850M ($1.1 billion), creating a strategic partnership and a behemoth European IT service provider with nearly 79,000 employees worldwide.

Siemens would contribute its IT Solutions and Services unit and would get a 15 percent stake in Atos for at least five years, making it a sustainable shareholder, the companies said in announcing the deal on Tuesday.

The new company would have pro forma 2010 revenues of about €8.7, operate the...
To view the full article, register now.