Telefonica Acquires Most Spectrum in U.K. Auction, 3 Receives Least; No FVE Changes, All Undervalued
On April 5, Ofcom, the U.K. telecom regulator, announced the completion of its spectrum auctions. In the 2.3 GHz band, Telefonica won all 40 MHz of spectrum offered with a bid of GBP 205.896 million. Telefonica had the weakest spectrum position in the U.K., so we believe it was important for the firm to gain some spectrum here. However, we are a little surprised that it succeeded in obtaining all of it. In the 3.4 GHz band, Vodafone won the largest amount of 50 MHz with a bid of GBP 378.24 milli...CK Hutchison Holdings is an investment holding group based in Hong Kong. Co.'s businesses encompass such diverse areas as property development and investment, real estate agency and estate management, hotels, telecommunications and e-commerce, finance and investments, retail, ports and related services, energy, infrastructure projects and materials, media, and biotechnology. Co.'s core business are organized along four segments: Property (sales, leasing, property management and development); Hutchison Whampoa (ports, property and hotel, retail, infrastructure, energy and telecommunications); Life Sciences (health and agriculture related products) and Other Investments.
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