Brazil Raises $8.4 Bn In 5G Tender

Daniyal Sohail Published November 05, 2021 | 10:05 PM

Brazil raised $8.4 billion in investments and license fees in an international tender to build and operate one of the world's biggest 5G data networks, Communications Minister Fabio Faria said Friday

Braslia, (UrduPoint / Pakistan Point News - 5th Nov, 2021 ) :Brazil raised $8.4 billion in investments and license fees in an international tender to build and operate one of the world's biggest 5G data networks, Communications Minister Fabio Faria said Friday.

The final result -- 46.8 billion reais ($8.

4 billion) -- came in just shy of the $9 billion the government had forecast.

Faria heralded it as a success.

The result "beat all expectations," he told a news conference at the close of the two-day auction, which drew 15 bidders.

Winning bids went to companies including Telecom Italia's local subsidiary, Tim; Spanish group Telefonica's Brazilian unit; and Claro, owned by Mexican telecoms magnate Carlos Slim's America Movil.