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...Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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