Netgem sells French fibre business
February 10, 2023
By Colin Mann
In line with its strategy of refocusing on its core Streaming TV activity for telecom operators (B2B2C), as announced on February 1st, streaming entertainment specialist Netgem has confirmed that it has reached an agreement to sell its consumer fibre 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 transferred 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.
“As we announced on February 1st, this operation is directly in line with the execution of our strategy to refocus on our core business,” stated Mathias Hautefort (pictured), CEO of Netgem. “I would like to take this opportunity to thank the Banque des Territoires and Réunicable, which have supported our development in France.”