PARIS, FRANCE: Netgem announced that it has reached an agreement to sell its consumer fiber operator business in France to Nordnet, a subsidiary of the Orange group.
Netgem will continue to provide its television service netgem.tv to Nordnet for all ceded subscribers.
Turnovers and gross margin of the business sold amounted to €4.7 million and €1.4 million respectively in 2022.
The sale, subject to certain usual conditions precedent, should be completed during the first half of 2023. It will have a positive cash impact of around €3 million, the use of which will be the subject of a forthcoming communication.
Mathias Hautefort, CEO of Netgem, says: “As we announced on February 1st, this operation is directly in line with the execution of our strategy to refocus on our core business. I would like to take this opportunity to thank the Banque des Territoires and Réunicable, which have supported our development in France.”
Netgem is the publisher of the digital entertainment service netgem.tv, which brings together in an integrated experience all the video content, live, on demand or by subscription available on the market, and allows access to them by all family members on mobile, PC or TV screens. netgem.tv is distributed, through a network of fixed telecom operators in Europe, under the brand of the operator (B2B2C model) to over 500,000 subscriber households.