Technology

Telecom giants shell out $1.27 bln in first day of Brazil's 5G auction

Telecom giants shell out $1.27 bln in first day of Brazil's 5G auction

Local units of America Movil, Telefonica, Telecom Italia and a number of local firms spent well over a billion dollars on Thursday in order to scoop up valuable spectrum dedicated to fifth-generation (5G) wireless technology in Brazil. The auction, the largest ever in Latin America's top economy, will require some 40 billion reais ($7.14 billion) of investments by the winners, the government has predicted.

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