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Atos Ends Negotiations with Daniel Kretinsky’s EPEI
French technology company Atos has terminated negotiations with EP Equity Investment (EPEI), owned by Czech businessman Daniel Kretinsky, regarding the acquisition of its loss-making consulting division, Tech Foundations. Atos announced on Wednesday that they were unable to reach an agreement with Kretinsky. According to Reuters, this marks Kretinsky’s first major setback in France, where he has completed a series of acquisitions.
Failed Deal with EPEI
The discussions with EPEI about the potential sale of Tech Foundations ended without reaching an agreement, Atos stated. The parties were unable to agree on the proposed terms of the new contract and the price.
Previous Announcement
At the beginning of last August, Atos announced that it had entered into exclusive negotiations with Kretinsky’s EPEI for the sale of Tech Foundations. They added that as part of the transaction, they were expected to receive 100 million euros (2.5 billion crowns) in cash and transfer a debt of 1.9 billion euros to the company EPEI.
Financial Discrepancies
Bloomberg, citing informed sources, reported in January of this year that Atos was demanding over half a billion euros in cash from the Czech entrepreneur for its Tech Foundations division, more than originally anticipated.
Criticism and Market Reaction
The transaction has faced criticism from some French lawmakers and some Atos shareholders. Kretinsky is one of the most influential figures in Czech business, controlling a number of industrial, commercial, financial, and media companies in the Czech Republic and abroad.
Atos’ shares on the Paris stock exchange were up around three percent early on Wednesday morning.
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