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Atos Origin to buy Siemens Unit for 850 million euros

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Siemens AG says it is selling its information technology services division to Atos Origin of France for euro850 million ($1.14 billion) in a deal meant to create a "European IT champion."

 

Siemens announced the deal late Tuesday. It said the agreement foresees the German company taking a 15 percent stake in Atos Origin for at least five years.

It also includes a seven-year outsourcing contract worth about euro5.5 billion under which Atos Origin will provide services to Siemens.

Siemens says the plan calls for the global work force of Siemens IT Solutions and Services to be reduced by 1,750. The transaction is expected to close by July.

Siemens says the deal will create an IT services company with 78,500 employees worldwide and 2010 revenues of some euro8.7 billion.

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