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Telefonica, Sonera Give Up on 3G Venture

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Jul 25, 2002, 11:08 AM by (staff)

Spanish mobile operator Telefonica today announced that it will write down approximately $5 billion related to 3G services, and suspend mobile operations in Germany. The primary asset involved is Group 3G, a joint venture between Telefonica and Finnish operator Sonera. Group 3G was established to launch 3G services, initially in Germany. Industry observers agree that the move signals an end to Telefonica's investment in 3G technology, which has cost the company $8 billion thus far. Sonera is also writing down its investment in Group 3G, as well as 3G-related investments in Italy. The moves are the result of increasing shareholder concern in Europe over the financial viability of 3G services.

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