The country’s communications ministry said the 5G spectrum auction had raised more than 1.5 billion pesos ($380 million)

Colombian operators Claro, WOM, Tigo and Movistar have all secured 5G licenses in a spectrum auction carried out by Colombia’s ICT Ministry MinTIC.

The country’s communications ministry said the auction had raised more than 1.5 billion pesos ($380 million). The government had previously said that it expected to raise nearly $500 million.

Tigo and Movistar previously confirmed that they formed a joint venture (JV) to participate in the spectrum auction. The JV will be valid for a period of 22 years, counted from the date of the eventual granting of the spectrum use permit. Tigo and Movistar said they “will continue to act as independent market agents and there will be no restrictions to continue competing with each other.”

Each telco secured a block of 80 megahertz in the 3.5 GHz band, while Claro secured an additional block of spectrum in the 2.5 GHz band. The frequencies in the 700 MHz, 1.9 GHz and AWS remained unsold.

ICT Minister, Mauricio Lizcano, said that local operators had acquired all the available spectrum for the launch of 5G services in the country.

As a result o fthe auction process, the government confirmed that the country will have an investment close to $28 billion in the next 10 years.

In August, MinTIC had published the first draft of the process, with the technical and legal aspects of the spectrum auction and the mechanisms of the auction.

Local operators Movistar and Tigo have already carried out 5G trials in the country.

5G subscribers in Colombia are forecast to reach 37.8 million by 2030, up compared to 2.9 million in 2025, according to a recent report by telecom association GSMA.

The report showed that 5G penetration by 2025 is expected to reach 4% while it would expand to 43% by 2030.

GSMA also noted that 5G networks will cover 68% of the country’s population by 2030, up from 30% in 2025.

5G is forecast to reach 57% of the total mobile connections in Latin America in 2030, up from a current penetration of around 2%, according to a recent report by telecom association GSMA.