Vodafone Spain acquires 5G frequencies to expand footprint

Thu, 22nd Jul 2021

Vodafone Spain has acquired 2x10 MHz of spectrum in the 700 MHz band from the Spanish Ministry of Economic Affairs and Digital Transformation for €350 million. The total amount will be payable in a single instalment following the conclusion of the auction process. In addition, a licensing fee of €15.5m will be payable each year. The spectrum acquired has initial holding rights until 2041, with an automatic renewal and no additional fees for a further 20 years (until 2061), subject to meeting the licence obligations. Vodafone Spain will use the spectrum to expand its 5G mobile footprint in Spain and offer better coverage, including indoor buildings. Colman Deegan, CEO of Vodafone Spain, said: 'Vodafone welcomes the improved conditions offered by the government for this spectrum auction, which represents an important step towards achieving a sustainable, economically viable sector necessary for continued investment in connectivity. 'The new 5G frequencies acquired will enable Vodafone Spain to accelerate the deployment of our leading 5G network in the coming months, ensuring that consumers and businesses can take advantage of digital transformation opportunities to support economic recovery after the pandemic.' Story provided by StockMarketWire.com

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