The federal government raised $8.9 billion in a licence auction for a key band of 5G wireless spectrum in results announced after the close of markets Thursday.
Canada's Big Three wireless companies led the pack, grabbing hundreds of licences for the 3,500 MHz band of airwaves.
"The 3500 MHz auction is a key step in our government's plan to promote competition in the telecom sector, improve rural connectivity, and ensure Canadians benefit from 5G technologies and services," said Francois-Philippe Champagne, Minister of Innovation, Science and Industry in a statement. Rogers won 325 licenses, the largest amount, paying a clock price of $3.3 billion that will allow them to provide service to 34 million people."This investment in 5G spectrum will build on our existing 5G assets and enable us to deliver the world-class connectivity Canada needs to increase productivity, fuel innovation, create jobs, and compete in a global economy for decades to come," said Joe Natale, President and CEO, Rogers Communications in a statement.
Quebecor Inc., the parent company of Videotron, said its investments in the 5G auction were another step in its expansion outside of Quebec. "Our success in Quebec has served Quebecers well. Today, we are taking another step towards bringing leading-edge technology and healthy competition to more Canadian consumers."
In total, 1,495 out of 1,504 available licences were awarded to 15 Canadian companies, including 757 licences to small and regional providers across the country.
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