Vodafone Greece emerged as the top spender in a Greek auction of spectrum earmarked for 5G, which raised a total of €372.1 million after six rounds of bidding.

In a translated statement, regulator Hellenic Telecommunications and Post Commission said the sale was expected to yield “significant benefits” for the industry, paving the way for investment in critical infrastructure, and development of new products and services.

It tipped 5G to boost the country’s digital transformation, “improving business competitiveness, and contributing decisively to economic development and social prosperity”.

The auction covered spectrum in the 700MHz, 2GHz, 3.4GHz to 3.8GHz and 26GHz bands, with three bidders participating.

Vodafone Greece bid €130.1 million to secure 14 blocks in the 3.4GHz to 3.8GHz range; two blocks of 700MHz; four blocks of 2GHz; and two blocks of 26GHz.

Cosmote spent €123 million for the same number of blocks in the latter three bands and 15 blocks at 3.4GHz to 3.8GHz.

Wind Hellas committed €119 million for ten blocks from 3.4GHz to 3.8GHz; two at 700MHz; four at 2GHz; and one in the 26GHz band.