IT services group Atos is to spin off its transactional services business to create a dedicated entity serving the evolving European payments landscape.
The carve out, which is expected to be finalised by mid-2013, will reveal a new business that generated EUR1.1 billion in revenue and EUR165 million in operating profit in 2012.
Atos says the new entity will be a "European leader" in the payment space with a more integrated and efficient management of operations.
"It will provide the strategic and financial flexibility to expand its product offerings across the entire transaction value chain including alliances and partnerships," says the company in a statement.
Atos has already begun consultations with labour unions over the implications of the move for staff.