Canada's spectrum auction raises record $7.2 billion as firms gear for high-speed internet

FILE PHOTO: Hanging cubes display 5G logos at the Mobile World Congress in Barcelona, Spain, February 26, 2019. REUTERS/Sergio Perez/File Photo

OTTAWA (Reuters) -Canada's auction of 3500 MHz spectrum, which is key for next generation 5G networks, generated a record C$8.9 billion ($7.2 billion), with the country's three dominant telecom companies accounting for more than 80% of the amount raised.

Out of 1,504 available licenses, 1,495 were awarded to 15 Canadian companies, including 757 licenses to small and regional providers, Innovation Minister Francois-Philippe Champagne said in a statement on Thursday.