The Dutch government did not follow many of its European neighbors in postponing 5G spectrum auctions, and has announced the results of a sale that was criticized by operators for relatively high reserve prices. The existing three operators – KPN, T-Mobile NL and Vodafone Ziggo – were the only bidders, and they spent €1.23bn ($1.42bn) between them. The cost equates to over one-third of KPN’s capex and two-thirds of its net profit last year. Unlike most European operators, the Dutch trio have not gained spectrum in the 3.5 GHz band. Although the main spectrum for initial 5G roll-out elsewhere in the region, providing high capacity without the challenges of millimeter wave bands, 3.5 GHz is used by intelligence agencies in…