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Atos SE and Bull SA made an official joint statement today, revealing that Atos SE made an offer to acquire its rival in a deal estimated to 620 million euros (844 million dollars). The company is aiming to create a large entity, which is considered to become a leader in cybersecurity and cloud computing in Europe.

The Chief Executive Officer of Atos SE – Mr. Thierry Breton, who was also part of the Bulls team in the period from 1993 to 1997, said in the statement, which was cited by Bloomberg: “Bull’s highly recognized teams in advanced technologies such as high computing power, data analytics management, and cybersecurity ideally complement Atos’ large scale operations.”

Atos SE has been currently focused on consolidating its positions in the cloud services, cybersecurity and big data industry. According to the joint statement, the companys offer amounts to 4.90 euros per share in cash, which is 22% higher than the closing price of Bull on May 23rd.

The boards of both companies have considered the acquisition a beneficial deal for both parties. In addition, Atos SE revealed that Bulls shareholders, who own about 24.2% of the companys shares, have already agreed to tender their stock.

Recently, Atos has been seeking to strengthen its positions not only on its home market, but also in some other European markets, such as Spain and Poland. Bull, which has been operating mainly in cloud technology and cybersecurity, has revealed a 1.26 billion-euro revenue last year.

The acquisition of Bull is most likely to give Atos a push in super-computing and big data analysis. If the purchase is finalized, Atos is planning to delist Bull.

Atos SE added 2.88% to trade at 62.22 euros per share by 8:05 GMT, marking a one year change of +13.00%. According to the information published on the Financial Times, the 15 analysts offering 12-month price targets for Atos SE have a median target of 73.00, with a high estimate of 80.00 and a low estimate of 52.40. The median estimate represents a 22.44% increase from the last price of 59.62.

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