Technology company Atos has announced plans to sell a part of its minority stake in French payment group Worldline.

As per the plan, the French IT company will divest its 12% stake in Worldline via a private placement for €1.2bn ($1.33bn).

Atos in its press statement said that it has already sold 14.7 million Worldline shares for €800m through a private placement.

Separately, Swiss firm SIX Group has signed an equity collar transaction of €500m as part of its stake holding in Worldline.

Atos has also issued bonds, due in 2024, with a combined nominal amount of €500m. These bonds can be exchanged with Worldline shares at 35% premium above the placing price of the equity placement.

Additionally, Atos will transfer £198m (€230m) of Worldline shares to Atos UK 2019 Pension Scheme.

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The remaining Worldline shares are currently under a 120-day lock-up period, as agreed between Atos and SIX Group.

Atos plans to use the proceeds to repay its medium and long-term debts.

Once the deal is complete, the company will hold around 13% stake in Worldline with 22% of voting rights.

Worldline operates across the entire payment value chain operating online platforms that manages B2B or B2C transactions.

This year, it moved one place ahead in the Sustainalytics ranking for its software and services. Overall, it ranked fourth among 229 companies.