What goes around seems to come around for cellular spectrum auctions, certainly since the early days of 3G when the first inflationary sums were paid by operators, especially in Europe. There is, then, a sense of deja-vu in the aftermath of Canada’s 3.5 GHz 5G auction, just completed. As so often before, large sums were paid amid the usual complaints of extortionate cost of spectrum from operators, and concerns expressed over impact on the competitive landscape. In this case CAN$8.9bn (US$7.2bn) was raised, which was high for the amount of spectrum involved. This varied by region, because there were existing holders in some areas that were allowed to retain some of the airwaves previously allocated for broadband wireless and WiMAX.…