Netgem sells French consumer fiber operator to Nordnet

Mathias Hautefort, CEO Netgem

Netgem is to sell its French consumer fiber operator business to Nordnet, a subsidiary of the Orange group.

As part of the agreement which was announced on 1 February, 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. The company expects the deal will have positive cash impact of around €3 million, the use of which will be the subject of a forthcoming communication.

Mathias Hautefort, CEO of Netgem, said, “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.”