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Rogers Communications Inc (NYSE:RCI) disclosed the acquisition of 3800 MHz in Canada's third 5G spectrum auction to offer the people more coverage, speed, and capacity.
The acquired 3800 MHz, which will complement the company's currently owned 3500 MHz 5G spectrum, will also provide coverage to rural and Indigenous communities.
The announcement is part of the company's commitment to reinvesting 90% of its profits into Canada annually and has invested over $40 billion since 1985 in the nation.
Tony Staffieri, President and CEO, said, "5G spectrum is about investing in Canada's future, and we've invested significant dollars in each auction to build an unmatched 5G network with a powerful combination of coverage, quality, and reliability. There is a reason more Canadians continue to choose Rogers than any other carrier."
Earlier last month, RCI disclosed turning on 5G service for all stations in the TTC subway system.
Last month, RCI reported Q3 revenue growth of 36% year-over-year to C$5.09 billion (US$3.6 billion). It held C$2.53 billion in cash and cash equivalents.
Price Action: RCI shares closed higher by 2.01% at $43.10 on Thursday.
Posted In: RCI
