EC gives Atos green light to acquire Siemens IT Solutions

The £750m transaction should close by July

French IT services giant Atos Origin has been given clearance by the European Commission to proceed with the acquisition of Siemens IT Solutions and Services, which was originally announced on 1 February.

The transaction has also been approved by the US anti-trust authorities.

The acquisition is expected to close by July, subject to the completion of the remaining condition that the Atos Origin shareholders give their approval at an Extraordinary Shareholders Meeting.

Atos Origin will pay €850m (£725m) for the division.

The IT services company that will result from the acqusition will bring in annual revenue of about €8.7bn, and employ 78,500 staff worldwide.

Atos effectively cherry picked the best part of what has always been a loss-making division, by purchasing only 90 per cent. Siemens agreed to retain the remaining 10 per cent.

When the deal was announced, Tim Daniels, TMT strategist at Olivetree Securities, described it as "a steal".