Atos is to buy Bull in an all-French IT sector deal worth 620 million euros. The move will create the top Europe-based cloud computing company and a major player in cybersecurity.

Atos said the deal would enhance its offerings in manufacturing, healthcare and the public sector and reinforce its footprint mainly in France but also in other countries.

The combined companies could now leap to become the second fastest-growing in the industry by revenue behind US based Amazon and ahead of Microsoft.

At 4.90 euros a share the agreed offer represents a 30 percent premium to the three-month weighted average share price of Bull.