Italy Fetches About $7.5 Billion in 5G Airwaves Auction
- Government raises more than double its target from 5G auction
- Telecom Italia, Vodafone pay dearly to win competitive edge
This article is for subscribers only.
Italy’s record $7.6 billion sale of high-speed airwaves, while helping the populist government fund its election promises, gouges a chunk out of phone companies’ finances before they embark on costly network upgrades.
The two-week bidding process that ended late Tuesday saw prices of some of the most coveted airwaves soar as companies battled for a chance to offer the 5G services, which bring faster download speeds for videos and gaming and will help to facilitate self-driving cars and connect a multitude of devices.