TPG Telecom (ASX:TPM) and joint venture partner, Mobile JV have successfully acquired 5G spectrum in the recent auction held by the Australian Communications and Media Authority.
Mobile JV will pay $263.3 million in early 2020 for the lots that it has purchased.
Mobile JV successfully bid for 60 MHz of spectrum in Sydney, Melbourne, Brisbane, Canberra, Adelaide and Perth.
The weighted average price paid for spectrum in the auctions was 29 cents per MHz per head of population.
TPG CEO David Teoh says the company is very pleased to have secured access to the spectrum through the joint venture as it continues to roll its mobile network.
Shares in TPG Telecom (ASX:TPM) are trading 0.95 per cent lower at $7.30.