Netgem sets completion date for fibre unit sale
MARCH 20, 2023 11.09 EUROPE/LONDON BY JULIAN CLOVER

Netgem has confirmed the sale of its Videofutur Fibre unit to Nordnet will take place on April 1, 2023.

10,000 subscribers, who currently receive Videofutur Fibre will then be transferred to the Orange subsidiary. The subscription rate will remain unchanged and Nordnet will continue to offer Netgem’s dedicated TV service.

Mathias Hautefort, CEO of Netgem, said: “We are pleased to have finalised this transaction with Nordnet, which is directly in line with our strategy of refocusing on our core business, and pleased to extend the existing relationship with Nordnet into a long-term partnership”.

The move is part of Netgem’s pivot into a streaming business for telecom operators. Netgem received €3 million from the sale.