PARIS, Nov 17 (Reuters) - Atos, under pressure from investors to boost profitability and its share price, said on Thursday it had entered into exclusive negotiations with Italian engineering company Lutech to sell its Italian unit for cash.
The proposed transaction accounts for 2% of the group's total revenue in 2021, Atos said in a statement.
The deal would be part of a 700 million euro asset sale programme Atos is undertaking to finance its turnaround plan, which entails splitting the group in two separate entities.
Atos has already sold its remaining stake in French payments services company Worldline for 220 million euros. With the expected sale of the Italian unit, two thirds of the asset sales would be completed, Atos said.
The group didn't give a price tag for the unit, but a source close to the matter said it could be around 240 million euros.
Reporting by Benoit Van Overstraeten and Mathieu Rosemain; Editing by Tassilo Hummel and Mark Potter
Source: Reuters