Killing M&As: Charging for spectrum makes them unattractive

By refusing to renew the 900 MHz spectrum of telcos, that accounted for the most lucrative part of their business, the government forced them to bid outrageously in the just-concluded auctions. And since, from now to 2021, more 900 MHz licenses will expire, telcos will have to participate in such auctions every year. If this isn't bad enough, the new M&A rules discourage M&As.

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