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BRANDS:

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Spain awards 5G frequencies to Telefonica, Vodafone, Orange

Reuters

MADRID (Reuters) - Spain on Wednesday awarded 5G frequencies to Telefonica, Vodafone and Orange at an auction, the economy ministry said in a statement.

Telefonica invested 107 million euros to get 50 MHZ in spectrum, Orange paid 132 million euros for 60 MHZ and Vodafone paid 198 million euros for 90 MHZ.

5G is more than 20 times faster than 4G and it is expected to boost the "internet of things", which describes a wide-range of objects that are connected to the internet and can collect and exchange data to perform functions such as operating autonomous vehicles, controlling the heating at home, managing maintenance in factories or monitoring energy consumption.

(Reporting by Julien Toyer; Editing by Kirsten Donovan)