French set top box vendor Netgem made it known that they are interested in purchasing Italy's Pirelli Broadband unit, reports Telecompaper.
Although no financial details were revealed of the non-exclusive deal, Netgem's presence at the negotiation table follows a Reuters report that Pirelli had three possible buyers for the division and may wrap a deal by the end of this month.
"The group is near to closure (of the sale). It is probable by the end of October," the source said
In addition to Netgem, a source close to the companies said that Switzerland's Adb and German fund Aurelius are also in talks to buy Pirelli Broadband Solutions.
The sale of the broadband unit, which was previously announced this July, is part of Pirelli's company-wide effort to divest its telecom holdings so it can focus on its core competency of selling tires.
For more:
- Telecompaper has this post about Netgem
- Reuters has this article
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