Jan 30 (Reuters) - French IT services company Atos SE said on Wednesday it plans to distribute 23.4 percent stake in subsidiary Worldline SA to shareholders of the parent company.
Atos’ shareholders are expected to receive two Worldline shares for five Atos shares held, according to a company statement.
Atos will submit its proposal to its shareholders at its annual general meeting on April 30.
“After deconsolidation of Worldline, Atos’ three-year plan is to create a revenue organic growth CAGR reaching +2 percent to +3 percent CAGR, a profitability between 11 percent and 11.5 percent in 2021...,” said Chief Executive Officer Thierry Breton in a statement.
He also expects a free cash flow generation between 0.8 billion euros ($914.40 million) and 0.9 billion euros in the next two years. ($1 = 0.8749 euros) (Reporting by Zuzanna Szymanska and Camille Raynaud in Gdynia; Editing by Rashmi Aich)