By Nathan Allen

Vodafone Group PLC's (VOD.LN) Italian subsidiary has paid 2.4 billion euros ($2.77 billion) for four licenses in Italy's 5G-bandwidth auction, the country's Ministry of Economic Development said late Tuesday.

The U.K.-based telecom paid EUR683.2 million for two generic lots in Italy's 700 megahertz band, and EUR1.69 billion for an 80 megahertz lot in the 3,700 megahertz band, the ministry said.

Vodafone also successfully bid EUR32.6 million for bandwidth in Italy's 26 gigahertz band.

The Ministry said the auction brought in around EUR6.55 billion, more than double the initial target.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

October 03, 2018 02:08 ET (06:08 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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