US operators paid USD80.

9 billion in the latest auction;

this is the highest price for C-band spectrum yet
June 2021
Roberto Kompany

This edition of the Spectrum Newsletter, for up to the end of May 2021, highlights the spectrum auction activity
worldwide in four regions:

• the Americas (Latin America (LATAM) and North America (NA))

• Asia–Pacific (emerging Asia–Pacific (EMAP) and developed Asia–Pacific (DVAP))
• Europe (Central and Eastern Europe (CEE) and Western Europe (WE))
• the Middle East and Africa (MEA).

Notable events in this period include the following.

• USA. The Federal Communications Commission (FCC) announced, in February 2021, the winners of the
C-band spectrum (3.7–3.98GHz) auction that was held between December 2020 and January 2021 (known
as auction 107). The winners were AT&T, US Cellular, T-Mobile and Verizon; they spent USD23.4 billion,
USD1.3 billion, USD9.3 billion and USD45.5 billion, respectively. DISH Wireless and C&C came away
with almost nothing.

• USA. The FCC launched a consultation for a new auction for a further 100MHz in the 3.45–3.55GHz band
(auction 110). The FCC proposes that bidding for this auction should begin in October 2021. The band is
currently used by the Department of Defense.

• India. India’s telecoms regulator, the Department of Telecommunications (DoT), held its long-awaited
spectrum auction in early March 2021, targeting 4G use cases. The regulator obtained INR778 billion
(USD10.7 billion) for spectrum in the 800MHz, 900MHz, 1800MHz, 2100MHz, 2300MHz and 2500MHz
bands during the 2-day auction process. Spectrum in the 700MHz and 2500MHZ bands did not receive any
bids due to the high reserve prices.

• UK. The UK’s telecoms regulator, Ofcom, unveiled, in April 2021, the winners of the 5G spectrum auction
that was held earlier in the same month. The four major MNOs spent a total of GBP1.4 billion
(USD1.9 billion) on 5G spectrum in the 700MHz and 3.6GHz bands. Ofcom had imposed a 416MHz cap
on the total amount of spectrum that any operator could hold. This restriction mainly affected EE.
 US operators paid USD80.9 billion in the latest auction; this is the highest price for C-band spectrum yet | 2

Latest indications of 5G band prices

C-band
The major C-band auctions in the period between NBED and May 2021 were held in the UK (3.6GHz) and the
USA (3.7GHz). Spectrum was sold for USD0.09 per megahertz per member of the population in the UK in
March 2021; it cost an average of USD1.10 per megahertz per member of the population in the USA in
February 2021 (Figure 2).

Regulators in Belgium, Iceland and New Zealand temporarily assigned spectrum to MNOs.

Figure 1: Overview of the status of C-band spectrum auctions, selected countries worldwide, May 2021

Source: Analysys Mason, 2021

 US operators paid USD80.9 billion in the latest auction; this is the highest price for C-band spectrum yet | 3

Figure 2: C-band spectrum prices, normalised for a 20-year licence duration (no discounted rates applied), 2018–
2021

Source: Analysys Mason, 2021

mmWave
Australia’s auction for mmWave spectrum in the 26GHz band was the only major mmWave spectrum auction
during this period. Spectrum was sold for USD0.0003 per megahertz per member of the population (Figure 4).
The mmWave spectrum auction in Finland was the last auction in the previous period and each of the three
MNOs got 800MHz for USD0.002 per megahertz per member of the population.
 US operators paid USD80.9 billion in the latest auction; this is the highest price for C-band spectrum yet | 4

Figure 3: Overview of the status of mmWave spectrum auctions, selected countries worldwide, May 2021

Source: Analysys Mason, 2021

Figure 4: mmWave prices, normalised for a 20-year licence duration (no discounted rates applied), 2018–2021.

Source: Analysys Mason, 2021

 US operators paid USD80.9 billion in the latest auction; this is the highest price for C-band spectrum yet | 5

Sub-1GHz
The auctions for spectrum in the 700MHz band in India and the UK were the only major sub-1GHz spectrum
band auctions this year. The regulator in India has not provided details of the spectrum lot allocations for each
operator, but operators in the UK paid a price of USD0.29 per megahertz per member of the population (Figure
6).

Figure 5: Overview of the status of sub-1GHz spectrum auctions, selected countries worldwide, May 2021

Source: Analysys Mason, 2021

 US operators paid USD80.9 billion in the latest auction; this is the highest price for C-band spectrum yet | 6

Figure 6: Price paid for spectrum in the 600MHz, 700MHz, 800MHz and 900MHz bands, 2017–2021

Source: Analysys Mason, 2021

 US operators paid USD80.9 billion in the latest auction; this is the highest price for C-band spectrum yet | 7

Americas spectrum update

Notable spectrum-related developments in the Americas region in the period between February 2021 and May
2021 are summarised in Figure 7.

Figure 7: Spectrum-related developments, Americas, February 2021–May 2021

4G 5G Wi-Fi
5G 5G 5G 5G

450 2.3– 3.3– 3.45– 3.5– 6

Developme 600 700 800 900 1.3 1.7 1.8 1.9 2.1 2.2 2.5 2.6 >24
Country MHz 2.4 3.4 3.55 4.2 GHz
nt MHz MHz MHz MHz GHz GHz GHz GHz GHz GHz GHz GHz GHz
GHz GHz GHz GHz

Auction
Brazil    
announced

Wi-Fi band 
Brazil
assigned

Spectrum
Chile  
acquired

Consultation 
Costa Rica   
completed

Auction
Guatemala  
announced

5G auction
Paraguay delayed until
2024

Spectrum
Peru 
allocated

Auction
USA results 
announced

C-band 
USA auction
planned

Brazil’s regulator has approved the rules for the 5G spectrum auction

Brazil’s telecoms regulator, the National Agency for Telecommunications (Anatel), announced in February
2021 that it had set the rules for the upcoming 5G spectrum auction. The regulator proposed that spectrum in the
700MHz, 2.3GHz, 3.5GHz and 26GHz bands would be auctioned, but neither the number of spectrum blocks
nor the auction date were announced.

Anatel’s proposal, which the Federal Audit Court must deliberate on, specified that the bid winners will have
coverage obligation commitments for 4G and 5G networks in certain areas, such as those with more than 600
inhabitants and with roads that are currently poorly served. The notice also committed a budget of
BRL1.5 billion (USD270 million) for the development of fibre-optic networks in the northern part of Brazil, as
part of the Connected North programme.
 US operators paid USD80.9 billion in the latest auction; this is the highest price for C-band spectrum yet | 8

In the same document, Anatel also announced that it had allocated the full 1.2GHz of bandwidth between
5.925GHz and 7.125GHz to Wi-Fi applications. Communications service providers (CSPs) have previously
requested permission to use part of this range for 5G services.

Chile’s regulator raised USD453 million in its first 5G spectrum auction

Chile’s regulator, the Undersecretariat of Telecommunications (Subtel), published the results of its 5G spectrum
auction in February 2021. The bid winners were Claro, Entel, Movistar and WOM. The companies paid a total
of CLP325 billion (USD453 million) for spectrum in the 700MHz, 2100MHz, 3.5GHz and 26GHz bands.

Claro paid USD106 million for 400MHz of spectrum in the 26GHz band, Entel paid USD139 million for
50MHz of spectrum in the 3.5GHz band and 400MHz of spectrum in the 26GHz band and Movistar paid
USD163 million for 50MHz of spectrum in the 3.5GHz band. The challenger WOM paid only USD45 million,
but obtained the largest share of spectrum, including 2×10MHz in the 700MHz band, 2×15MHz in the
2100MHz band, 50MHz in the 3.5GHz band and 400MHz in the 26GHz band.

MNOs plan to deploy their first 5G services by the end of 2021. The operators should deliver high-speed mobile
data connectivity to 366 underserved regions and connect up to 200 hospitals as part of the coverage obligations.

Claro did not obtain spectrum in either the 700MHz band or the 3.5GHz band, but it has stated that it aims to bid
again (with a larger bid) in the next 5G spectrum auction (set for 2H 2021).

Peru’s regulator has permitted operators to launch 5G services

Peru’s telecoms regulator, the Ministry of Transport and Communications (MTC), has permitted mobile
operators that currently hold spectrum in the 3.5GHz band to launch 5G fixed-wireless access (FWA) services
using these assets. The three major operators in the country (Claro, Entel and Movistar) each hold 50MHz of
spectrum in this band.

The regulator plans to hold another 5G spectrum auction in 2H 2021. This will include additional spectrum in
the 3.5GHz and 26GHz bands.

In a separate note, the regulator announced that Peru will require more than 36 000 new base stations by the end
of 2025 in order for MNOs to deliver on the growing demand for mobile data traffic.

The FCC announced that Verizon spent USD45.5 billion during the latest C-band auction

The FCC announced, in February 2021, the winners of the C-band spectrum (3.7–3.98GHz) auction that was
held between December 2020 and January 2021 (known as auction 107). The winners were AT&T, US Cellular,
T-Mobile and Verizon; they spent USD23.4 billion, USD1.3 billion, USD9.3 billion and USD45.5 billion,
respectively.

Spectrum is not allocated on a nationwide basis in the USA; instead, it is allocated by licences in partial
economic areas (PEAs). 5684 licences in 406 PEAs were available during this auction and Verizon obtained
3511 (the largest number). AT&T, US Cellular and T-Mobile obtained 1621, 254 and 142 licences, respectively.

On a national average basis, AT&T, US Cellular, T-Mobile and Verizon obtained 80MHz, 60MHz, 40MHz and
161MHz of spectrum, respectively. DISH Wireless and C&C came away with next to nothing.
 US operators paid USD80.9 billion in the latest auction; this is the highest price for C-band spectrum yet | 9

The FCC finalised plans for the next C-band spectrum auction

The FCC launched a consultation for a new auction for a further 100MHz in the 3.45–3.55GHz band (auction
110). The FCC proposes that bidding for this auction should begin in October 2021. The band is currently used
by the Department of Defense.

It may be challenging for operators that obtain spectrum in this band to source the right type of massive MIMO
antenna because spectrum from auctions 110 and 107 will not be contiguous: the Citizens Broadband Radio
Service (CBRS) band (a low-power band on which massive MIMO antennas cannot be used) is between the two
ranges. Operators may need to deploy more than one massive MIMO antenna to cover both spectrum bands,
which will increase their capex and opex.
 US operators paid USD80.9 billion in the latest auction; this is the highest price for C-band spectrum yet | 10

Asia–Pacific spectrum update

Notable spectrum-related developments in the Asia–Pacific region for the period February 2021–May 2021 are
summarised in Figure 8.

Figure 8: Spectrum-related developments, Asia–Pacific, February 2021–May 2021

5G 5G 5G 5G 5G

Country Development 450 700 800 850 900 1.5 1.8 2 2.1 2.3 2.5 2.6 2.7 3.3 3.4 3.5 3.6 4.9 5 >24
MHz MHz MHz MHz MHz GHz GHz GHz GHz GHz GHz GHz GHz GHz GHz GHz GHz GHz GHz GHz

Auction results 
Australia
announced

Auction
Bangladesh  
completed

Auction 
India      
completed

Auction result
Indonesia 
cancelled

Proposal   
Nepal     
submitted

Spectrum
South Korea reallocation   
plan published

Australia’s ACMA announced the winners of the 26GHz spectrum auction

The Australian regulator, Australian Communications and Media Authority (ACMA), announced, in April 2021,
the names of the five winners of the 25.1–27.5GHz spectrum auction. The regulator raised a total of
AUD648 million (USD505 million) from the auction. 12 blocks of 200MHz were available in 24 of the 30
regions in the country. 100MHz blocks were available in Perth, Hobart and Margaret River, and the number of
blocks available in these regions varied between 5 and 19.

Telstra, the highest bidder, spent USD216 million on 150 lots, Optus spent USD176 million on 116 lots and
Mobile JV spent USD84 million on 86 lots. The smaller players Pentanet and Dense Air Australia spent
USD6 million and USD3 million for 4 and 2 lots, respectively. Licences will be valid for 15 years.

Bangladesh’s regulator raised USD886 million in the auction for spectrum in the
1800MHz and 2100MHz bands
The Bangladesh Telecommunication Regulatory Commission (BTRC) held an auction for spectrum in the
1800MHz and 2100MHz bands in early March 2021. The reserve price per megahertz was USD31 million and
USD27 million for the 1800MHz and 2100MHz bands, respectively.

The market leader, Grameenphone, spent a total of USD379 million and obtained 2×5MHz and 2×10MHz in the
1800MHz and 2100MHz bands, respectively. Robi spent USD226 million on 2×2.6MHz and 2×5MHz in the
1800MHz and 2100MHz bands, respectively, while Banglalink spent USD281 million on 2×4.4MHz and
2×5MHz in the 1800MHz and 2100MHz bands, respectively. The duration of the licences is 15 years.

The regulator altered the terms of the spectrum licences to be technology-neutral, thereby allowing the operators
to use them for any mobile technology, including 4G.
 US operators paid USD80.9 billion in the latest auction; this is the highest price for C-band spectrum yet | 11

India’s regulator raised USD10.7 billion during its spectrum auction, which did not
include any 5G bands
India’s telecoms regulator, the Department of Telecommunications (DoT), held its long-awaited spectrum
auction in early March 2021, targeting 4G use cases. The regulator obtained INR778 billion (USD10.7 billion)
for spectrum in the 800MHz, 900MHz, 1800MHz, 2100MHz, 2300MHz and 2500MHz bands during the 2-day
auction process. Spectrum in the 700MHz and 2500MHz bands did not receive any bids due to the high reserve
prices.

Reliance Jio was the biggest spender and paid USD7.9 billion for a total of 488.35MHz of spectrum, including
blocks in the 800MHz, 1800MHz and 2300MHz bands. Bharti Airtel spent USD2.6 billion on a total of
355.45MHz of spectrum, which included blocks in the 800MHz, 900MHz, 1800MHz, 2100MHz and 2300MHz
bands. Vodafone Idea spent the lowest amount (USD11.8 billion) for spectrum in the 900MHz and 1800MHz
bands. The block sizes have not yet been announced.

A senior representative from the DoT suggested that the 5G spectrum auction may still take place in 2021, but
operators are disputing the high reserve prices.
 US operators paid USD80.9 billion in the latest auction; this is the highest price for C-band spectrum yet | 12

Europe spectrum update

Notable spectrum developments in Europe in February 2021–May 2021 are summarised in Figure 9.

Figure 9: Spectrum-related developments, Europe, February 2021–May 2021

5G 5G 5G 5G 5G 5G
3.7–
450 700 800 900 1.4 1.5 1.8 2.1 2.3 2.5 2.6 3.4 3.5 3.6 >24
Country Development 3.8
MHz MHz MHz MHz GHz GHz GHz GHz GHz GHz GHz GHz GHz GHz GHz
GHz
Bulgaria Auction
completed
  
Belgium Licences   
extended

Belgium Auction delayed

 
Norway Consultation
closed
 
Portugal Licences  
renewed

Portugal Auction ongoing 

   
Slovenia Auction
completed
     
Spain Remaining
spectrum sold

Spain Auction delayed

UK Auction
completed
  

Bulgaria’s regulator raised only USD8.1 million from its 5G spectrum auction

Bulgaria’s telecommunications regulator, the Communications Regulation Commission (CRC), completed the
5G 3.6GHz spectrum auction within 1 day in April 2021 and obtained BGN13.4 million (USD8.1 million). The
three MNOs A1 Bulgaria, Telenor and Vivacom obtained 100MHz each and spent USD2.8 million,
USD2.5 million and USD2.8 million, respectively. The concessions will be valid for 20 years.

The bidding for Portugal’s 5G spectrum auction is progressing very slowly

The Portuguese regulator, Anacom, initiated its latest spectrum auction, which included spectrum in the
700MHz, 900MHz, 2100MHz, 2600MHz and 3.6GHz bands on 14 January 2021. The process is still ongoing
after 84 days of bidding (mid-May 2021); incremental bids are being made on a daily basis for some of the
3.6GHz lots.

Each side blames the other for the slow progress, but in mid-April, Anacom presented changes to the regulation
in order to speed up the bidding process. By mid-May, the number of permissible daily bids was increased from
6 to 12, but the MNOs have been reluctant to change their strategies and the process is still ongoing.
 US operators paid USD80.9 billion in the latest auction; this is the highest price for C-band spectrum yet | 13

Slovenia’s regulator raised USD198 million from its 5G spectrum auction

The Slovenian regulator auctioned spectrum in the 700MHz, 1500MHz, 2100MHz, 3.5GHz and 26GHz bands
in April 2021 and raised a total of EUR164.2 million (USD198 million). Telekom Slovenia, Telemach, A1
Slovenia and T-2 spent USD62.2 million, USD61.6 million, USD50.6 million and USD21.7 million,
respectively. The information about which spectrum bands and lot sizes Telekom Slovenia and Telemach won is
yet to be released. A1 Slovenia won spectrum in the 700MHz, 1500MHz, 2100MHz, 3.5GHz and 26GHz bands,
while T-2 obtained lots in the 2100MHz and 2.3GHz bands.

The bid winners will get immediate access to their spectrum, except that in the 2100MHz and 2300MHz bands.
Spectrum in these bands will only be made available in September 2021 and January 2022, respectively.

Orange and Telefónica in Spain acquired the remaining spectrum in the 3.5GHz band

Spain’s Ministry of Economic Affairs and Digital Transformation announced, in March 2021, that it had
allocated the two remaining 10MHz spectrum blocks in the 3.5GHz band to Orange and Telefónica, given that
no other operator had participated in the auction process. The operators each paid a sum of USD25.4 million.
This allocation follows the 3.5GHz spectrum auction held in 2018. The four mobile operators MÁSMÓVIL,
Orange, Vodafone and Telefónica now hold 80MHz, 110MHz, 90MHz and 100MHz, respectively.

It has also been reported that Spain’s telecoms regulator, the National Commission for Markets and Competition
(NCMC), has not yet submitted the necessary documents for the 700MHz spectrum auction, which was due to
be held in April 2021.

Ofcom in the UK raised USD1.9 billion for spectrum in the 700MHz and 3.6GHz bands

The UK’s telecoms regulator, Ofcom, unveiled, in April 2021, the winners of the 5G spectrum auction that was
held earlier in the same month. The four major MNOs spent a total of GBP1.4 billion (USD1.9 billion) on 5G
spectrum in the 700MHz and 3.6GHz bands. Ofcom had imposed a 416MHz cap on the total amount of
spectrum that any operator could hold. This restriction mainly affected EE.

This auction was a follow-on from the 3.4GHz auction that was held in 2018, where both EE and Telefónica O2
acquired 40MHz each, while Vodafone acquired 50MHz. Three UK did not bid in 2018 because it already held
140MHz of spectrum from its UK Broadband acquisition in 2017.

In the latest auction, EE (the highest bidder) obtained a 2×10MHz block together with an additional 20MHz
block for supplemental downlink (SDL) in the 700MHz band plus 40MHz in the 3.6GHz band for a total of
USD655.5 million. Telefónica O2 obtained a 2×10MHz block in the 700MHz band and 40MHz in the 3.6GHz
band for USD618.2 million. Three UK only acquired a 2×10MHz block in the 700MHz band for
USD386.4 million, while Vodafone acquired 40MHz in the 3.6GHz band for USD243.4 million.

Only Three UK currently holds the optimum amount of C-band spectrum (more than 100MHz); Vodafone holds
90MHz and EE and Telefónica O2 each hold 80MHz in the mid-band. One of Ofcom’s goals was to enable
operators to enter into agreements with each other to reduce fragmentation in the C-band (3.4–3.6GHz), but only
O2 and Vodafone have done so.
 US operators paid USD80.9 billion in the latest auction; this is the highest price for C-band spectrum yet | 14

Middle East and Africa spectrum update

Spectrum-related developments in the Middle East and Africa region for the period February 2021–May 2021
are summarised in Figure 10.

Figure 10: Spectrum-related developments, Middle East and Africa, February 2021–May 2021

5G 5G 5G 5G 5G 5G 5G

450 700 800 900 1.5 1.8 2.1 2.3 2.5 2.6 3.3 3.4 3.5 3.6 3.7 3.8–4.0 >24
Country Development
MHz MHz MHz MHz GHz GHz GHz GHz GHz GHz GHz GHz GHz GHz GHz GHz GHz

Algeria Spectrum to be 
released

Nigeria Licence renewal 

 
announced

Saudi Arabia Spectrum to be   

 
released

Saudi Arabia’s regulator will release new spectrum in multiple bands

The Communications and Information Technology Commission (CITC) in Saudi Arabia has agreed to release
additional spectrum. Some of this spectrum will be licence-exempt; the remainder will be either fully licensed or
lightly licensed.

The CITC plans to allocate the full 1200MHz of bandwidth in the 5.925–7.125GHz band to be used for Wi-Fi 6
applications without a licence. The regulator also plans to hold an auction for fully licensed spectrum in the
600MHz, 700MHz, 2100MHz and 3.8–4.0GHz bands, plus 700MHz SDL, in 2H 2021. Mobile operators will
gain access to any spectrum that they win within 1–3 years of the award. Spectrum in the 1500MHz and 26GHz
bands will be auctioned in 2H 2022 and will be lightly licensed.