French home internet gateway maker Sagemcom is set to be sold by its 65.7 percent owner, Gores Group, by the end of the year, reports Agefi citing unnamed sources. Sagemcom, which notably makes France Telecom-Orange's Livebox, attracted nine bidders, three of which remain: two investment funds and an industrial backer. Gores Group intends to select a buyer by the end of the year to avoid having to pay additional taxes on its profit. Its stake is estimated to be worth between EUR 500 million and EUR 750 million. Sagemcom's other shareholders are its employees (24.6%), CIC Finance (7.3%) and Club Sagem (2.4%). The company turned over EUR 1.18 billion and made a EUR 52 million oprating profit last year. It expects its revenue to grow by 12.5 percent to EUR 1.35 billion in 2010 and to EUR 1.45 billion in 2011. Les Echos reports that SagemCom responded to Agefi's report by stating that a flotation was still one of its possible options.
