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BT (BT.A) +6.49%, Vodafone (VOD) +1.78% on deals for 5G spectrum
BT Group (BT.A) closed 6.49% higher in London on Wednesday after the telecom company’s mobile division, EE, secured a new mobile spectrum for its ultrafast 5G service.
In an auction, BT was able to get to the low–band 700 MHz spectrum, which will help to improve the quality of indoor coverage, support greater capacity, and pave the way for new wireless-based tech.
EE CEO Marc Allera said that the “vital” spectrum will enable the company to strengthen its current position as the leading 5G network in the UK.
He added: “EE was first to launch 4G and 5G, and this auction outcome is great news for our network, our customers and BT Group.”
Rival Vodafone (VOD) also bought a 40 MHz band in midweek in a round of bidding that raised £1.4bn in proceeds for regulator Ofcom.
Telecoms analyst Paolo Pescatore said that the auction, which was not as expensive as anticipated, ended up being the “perfect outcome for all parties” involved.
Veritas Technologies’ Peter Grimmond said that UK operators will now be able to tap into 22% more spectrum following the deal.
He added that the prices paid by EE (£452m) and Vodafone (£176.4m) were a “steal” and will mean that providers will be able to invest more in their infrastructure to increase capacity for customers.
BT’s shares rose steadily on Wednesday and eventually finished up 6.49% at 152.50p.
Vodafone also made gains, climbing 1.78% by the end of session on the London Stock Exchange for a new 136.92p share price.
Other notable movers included Rolls-Royce (RR), with the aviation company advancing 3.66% to 127.35p on the back of price target upgrades from banks including J.P. Morgan.
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