OTTAWA, June 17 (UPI) -- The Canadian government's auction of airwaves to cell phone companies is averaging $11 million per hour of bidding and is up to $3.7 billion, officials said.
The auction began June 2 and will close when there is no more bidding activity, Industry Canada said when it announced the sale last month.
"This is the most competitive bid we've ever had," Peter Hill, director of spectrum management operations for the agency told the Ottawa Sun. "Consumers will have a lot more choice by the time this is over."
At the time of the announcement, the Conservative government said it expected to raise $1.5 billion to pay down the national debt but that's been more than doubled.
The auction is opening the door to smaller companies, as 95 percent of Canadian cell phone airwaves are controlled by Rogers Communications Inc., BCE Inc., and Telus Corp., the report said.
