Spain raises €1.65bn from spectrum auction

Spain's Industry Ministry Friday said telecommunications companies including Telefonica SA, Vodafone PLC and France Telecom will pay a total of EUR1.65 billion in a spectrum auction as they look to launch high-speed fourth-generation services. This was the country's second 4G mobile spectrum auction, after France Telecom and Sweden's TeliaSonera AB won the first one earlier this year and committed to pay Spain's government EUR168 million. The proceeds from the auction will be used to lower the government's financing needs at a time when borrowing costs have risen. Spain is seeking to cut its budget deficit to 6% of gross domestic product this year, from 9.2% last year.

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