UPDATE 1-Hungary raises $399 mln in 5G frequencies sale -regulator

(Adds details on pricing, revenue)

BUDAPEST, March 26 (Reuters) - Hungarian telecommunications regulator NMHH has raised 128.5 billion forints ($399.07 million) in the sale of high-speed 5G mobile spectrum, the authority said on Thursday.

The revenue is nearly double the initial target of 70 billion forints. The regulator said demand has far outstripped spectrum on offer at the tender, in which Romanian-based Digi was ruled out of the running.

Britain’s Vodafone, Deutsche Telekom unit Magyar Telekom and Telenor, in which Hungary’s state-owned broadcast operator Antenna Hungaria owns a 25% stake, were awarded 5G frequencies in the tender.

The acquired frequency licences will expire in 2035, with an option for a five-year extension, the regulator said.

“Magyar Telekom is required to pay a total price of HUF 54.24 billion for these frequency blocks, and this payment is expected to be due in the second quarter of 2020,” it said in a statement.

“The Company intends to launch its commercial 5G services shortly following the receipt of the above frequency usage rights,” it added.

Vodafone said it paid 38.65 billion forints for its frequencies. ($1 = 322 forints) (Reporting by Gergely Szakacs; Editing by Jane Merriman and Richard Chang)