October 2, 2018 / 6:09 PM / 3 months ago

Italy raises 6.55 bln euros in 5G mobile auction

MILAN, Oct 2 (Reuters) - Italy said on Tuesday the auction to sell fifth-generation mobile spectrum had been completed, raising an overall 6.55 billion euros ($7.6 billion).

In a statement the Industry Ministry said the amount raised was 164 percent more than the value of initial offers.

The government had set a minimum target of 2.5 billion euros.

In a separate statement Telecom Italia said it had spent an overall 2.407 bln euros for spectrum in the auction. ($1 = 0.8665 euros) (Reporting by Stephen Jewkes; Editing by Crispian Balmer)

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