June 13, 2019 / 7:57 AM / 3 months ago

Shares in 1&1 Drillisch soar after Germany 5G auction

FRANKFURT, June 13 (Reuters) - Shares in 1&1 Drillisch surged on Thursday after it won spectrum in Germany’s 5G mobile auction that ensured its position as a new fourth operator in a market that has lagged globally.

Germany raised 6.55 billion euros from its 5G mobile spectrum auction, the Federal Network Regulator (BNetzA) said on Wednesday, concluding a near three-month bidding war.

Shares in 1&1 Drillisch, until now a ‘virtual’ mobile player, rose 9.4% at 0754 GMT. United Internet, which controls 1&1, surged 5%.

1&1 paid 1.07 billion euros for 70 MHz, bringing billionaire CEO Ralf Dommermuth closer to his dream of running Germany’s fourth operator. (Reporting by Tom Sims Editing by Thomas Seythal)

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