SK Telecom picked up both blocks of 2.6 GHz frequencies, agreeing to pay 1.28 trillion won for the 60 megahertz of spectrum.

KT won 20 megahertz of bandwidth in the 1.8 GHz band for a minimum bidding price of 451.3 billion won.

KT also won 800 MHz spectrum in the recent multi-band spectrum auction.

LG Uplus obtained 20 megahertz in the 2.1 GHz frequency at a reserve price of 381.6 billion won.

KT’s license for the 1.8 GHz airwaves will be valid for a five-year period while LG Uplus’ license will  be valid for 10 years.

The auction shows that demand for scarce spectrum is far from unrestricted. Mobile carriers are not willing to spend “anything” to acquire licensed spectrum.

A package of 700 MHz airwaves, priced at 762 billion won, failed to attract a buyer at all.

Some might note that the auction generated proceeds well below the market expectation of 2.5 trillion won. The auction netted 2.11 trillion won ($1.81 billion).