Greece sold three 3G licenses

date: July 12, 2001

The Greek government said it sold three 3G mobile telephone licenses on Wednesday to local mobile phone operators.

The National Telecommunications and Post Committee said the three licenses went to Cosmote Mobile Telecommunications, Panafon Hellenic Telecommunications SA and Stet Hellas Telecommunications at the minimum price of $123.9 million.

The three groups approved to take part includes - CosmOTE - a venture of Greece's OTE Telecoms and Norway's Telenor - Panafon, a Vodafone subsidiary, and Telecom Italia's Stet Hellas.

Lack of interest in the competition meant that there were only three bidders for three licenses, allowing the companies to make the lowest bids possible. The government's initial plan had been to auction four licenses.

"The starting price came in at the higher end of expectations, considering recent events in 3G investments across Europe'' and dampened enthusiasm for the auction, said Christos Elafros, head of research at EFG Eurobank Securities.

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last updated: January 12, 2004

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