Mexico’s telecommunications regulator, IFT, said on Monday that AT&T and Telefonica have won 120 MHz of spectrum in the 2500-2690 MHz frequency band that can be used for wireless services.

The spectrum auction received strong interest from mobile operators because it is well-suited for broadband, 5G mobile networks and the Internet of Things (IoT).

The companies will have the 2.5 GHz spectrum for launching broadband mobile services in Mexico. The new spectrum will allow operators to offer better quality to the domestic telecommunications market,” said the IFT.

AT&T, a leading telecom operator in the US, will pay 1.4 billion pesos or $75.6 million.

Telefonica, one of the leading telecom operators in Europe, will pay 700 million pesos or $37.8 million.

“Telefonica has achieved its goal, obtaining the spectrum it needed to address the foreseeable increase in the demand for mobile data,” the company said in a statement.

Carlos Slim owned America Movil is one of the leading telecom operators in Mexico.

IFT in February said that any mobile operator could participate in the spectrum auction, opening the door for billionaire Carlos Slim’s America Movil to bid. The regulator’s plan was to auction 120 MHz of spectrum in the 2500-2690 MHz frequency band.