(Alliance News) - Vodafone Group PLC said Wednesday its Egyptian unit has acquired 40 megahertz of 2.6 gigahertz of time division duplex spectrum from the National Telecommunications Regulatory Authority, the Egypt government-approved regulatory and competition authority.
"The spectrum will enable Vodafone Egypt to significantly expand network capacity to meet growing demand for reliable, high quality voice and data services," the FTSE 100-listed telecommunications firm said.
The spectrum acquired has a ten-year licence term through to 2030.
Payments will be phased over three years, Vodafone said, with an initial payment of USD270 million upon receipt of the spectrum and two further payments of USD135 million due in 2021 and 2022 - for a total of USD540 million.
Vodafone noted the deal marks its first 2.6GHz spectrum, already owning bands within the 900MHz, 1,800MHz, 2.1GHz spectrums.
Shares in Vodafone closed 0.2% higher in London on Wednesday at 106.38 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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