German '4G' phone auction raises 4.3 billion euros
Europe's first auction of "fourth generation" frequencies, which promise to revolutionise what mobile phones can do, raised more than 4.3 billion euros (5.3 billion dollars), authorities said Thursday.
The German auction, which began April 12 in the western city of Mainz, wrapped up after 224 rounds of bidding and with the coveted licences going to four sector giants, a Federal Network Agency spokesman said.
It marked a windfall for the German state but fell far short of the 50 billion euros generated from the sale of third generation UMTS licenses in 2000.
Unlike UMTS, fourth generation Long Term Evolution (LTE) networks are expected to be up and running soon and experts are confident that the new technology will not disappoint.
© 2010 AFP