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United Internet's 1&1 to take part in German 5G auction

FRANKFURT, Jan 24 (Reuters) - United Internet (IOB: 0GE4.IL - news) 's mobile unit 1&1 Drillisch (IOB: 0E6Y.IL - news) said it would apply to take part in Germany's auction of 5G licences, potentially opening the way for it to become the country's fourth network operator.

1&1 said it had lined up 2.8 billion euros ($3.18 billion) in financing from a European banking consortium to back its bid, in addition to its own sources of funding.

Shares (Berlin: DI6.BE - news) in 1&1 Drillisch were down 4.5 percent at 1434 GMT.

($1 = 0.8797 euros) (Reporting by Douglas Busvine; editing by Thomas Seythal)