Philips flogs €550m stake in Atos Origin

No longer an owner in Olympics IT supplier

No longer an owner in Olympics IT supplier

Dutch electronics and healthcare company Philips has sold its remaining stake in French IT services and outsourcing firm Atos Origin for €550m.

Philips said the sale will result in a non-taxable gain of approximately €190m in the third quarter of the financial year.

Before the transaction, Philips, which made €30.3bn in sales last year, owned 15.4 per cent of Atos, or 10.3 million shares.

Earlier this month, Atos Origin extended its IT services agreement with the International Olympic Committee (IOC) through to 2012.

Atos will design, build and operate the IT infrastructure for the 2010 Winter Olympics in Vancouver and the 2012 Olympic Games in London. The company is currently preparing for the 2006 Winter Olympics in Torino and the 2008 Olympic Games in Beijing.