By Adria Calatayud

 

Vodafone Group PLC said Thursday that it has acquired spectrum from the Spanish government to expand its 5G services in the country for 350 million euros ($412.8 million).

The U.K. telecommunications company said it acquired spectrum in the 700 MHz band from the Spanish Ministry of Economic Affairs and Digital Transformation. Vodafone will also pay a licensing fee of EUR15.5 million each year.

The spectrum has initial holding rights until 2041, with an automatic renewal for a further 20 years with no additional fees, subject to meeting license obligations.

Vodafone said it will use the spectrum to expand its 5G footprint in Spain and offer better coverage, including indoors.

 

Write to Adria Calatayud at adria.calatayud@dowjones.com

 

(END) Dow Jones Newswires

July 22, 2021 02:27 ET (06:27 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
Vodafone (NASDAQ:VOD)
Historical Stock Chart
From Oct 2021 to Nov 2021 Click Here for more Vodafone Charts.
Vodafone (NASDAQ:VOD)
Historical Stock Chart
From Nov 2020 to Nov 2021 Click Here for more Vodafone Charts.