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French investment company Butler Industries is joining a consortium with Onepoint to rescue troubled technology company Atos.

According to consultancy firm Onepoint (Atos’s main shareholder), Butler’s participation should transform Atos into the leading European platform for cybersecurity and artificial intelligence. Even more, the move should turn the company into Europe’s leading sovereign cloud operator, Bloomberg reports.

Onepoint says in a statement that it intends to protect and preserve all group assets, enable the group to return to profitable growth as soon as possible and restructure Atos’ debt. David Layani, president of Onepoint, welcomes Butler’s support and international expertise. The statement says nothing about any capital injections or other investments.

Seeking funds to pay down debt

Atos is diligently seeking funds to pay down debt that must be repaid by the end of 2025. An attempt to sell Atos’s Tech Foundations division to Czech billionaire Daniel Kretinsky’s EP Equity Investment (EPEI) came to nothing, after which Atos shook up its board of directors.

European aircraft maker Airbus SE also renounced a deal to take over the ailing company’s big data and cybersecurity business. Earlier this year, Yves Bernaert stepped down from his CEO role. The reason for this departure was, among other things, a disagreement over the company’s restructuring.

French government wants to retain Atos

Last week, French Prime Minister Gabriel Attal emphasized the need to keep Atos financially stable, especially because of the company’s role in providing cybersecurity during the Paris Olympics this summer. He said Atos’ operations and supercomputers—crucial to the French nuclear industry—should remain under French supervision. The French government also wants to prevent the loss of tens of thousands of jobs due to Atos’s possible bankruptcy.

Atos posted a record loss of 3.44 billion euros in 2023, much bigger than the 1.01 billion loss it posted the year before. The company is presenting its refinancing plans to creditors today.

Also read: Atos on the hunt for debt restructuring after record losses