Vitis has sold a minority stake to Océinde et Caisse des Dépôts

Netgem has sold a 49% stake in Vitis to Océinde and Caisse des Dépôts et Consignations (CDC) for an undisclosed consideration.

Vitis is engaged in reselling broadband access to French consumers in areas covered by public initiative networks. The company uses the brand name of Fibre Videofutur to market its offer, combining broadband, telephone and TV in a triple-play competitive price offer.

Océinde is a Reunion Island-based holding company that offers aquaculture farming and seafood processing, decorative paints, telecommunications, and real estate services through its subsidiaries.

CDC is a French state-owned bank that carries out missions of public interest in support of the public policies implemented by central and local government bodies.

Netgem is a French leading provider of TV entertainment services enabling the most innovative telecommunications companies around the globe to deploy market leading and yet affordable video entertainment services.

Oaklins' team in France advised Netgem and helped to structure the transaction.