12:04 18 November 2012
The 4G auction went really well as Ireland raised almost €1billion according to reports.
Four operators – Vodafone, 02, Hutchison, 3G, and Eircom’s Meteor will reportedly pay to get the rights to use a wireless spectrum that will allow them to provide super fast 4G services starting in 2013.
The four companies are expected to pay a lump sum before Christmas, with the remaining amount being understood to be paid in annual payments between 2013 and 2030.
Pat Rabbitte, Minister for Communications, was pleased with the outcome of the auction.
He said, as quoted by the Independent: "The proceeds of the auction are greater than many people expected and are a statement of confidence in the economy."
The result of the auction is definitely a good news to the cash-strapped government.
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