Netgem has announced the sale of its French fibre business to Nordnet, a subsidiary of the Orange group.
As part of the transfer, which took place on February 1, Netgem has agreed to continue supplying its television service netgem.tv to subscribers.
The move is part of Netgem’s pivot into a streaming business for telecom operators. Its received €3 million from the sale.
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 want to take this opportunity to thank the Banque des Territoires and Réunicable, which have supported our development in France.”
Netgem will continue to provide its television service netgem.tv to Nordnet for all ceded subscribers.
Turnover and gross margin of the fibre business in 2022 were €4.7 million and €1.4 million respectively.
