The latest 5G-focused auction to get underway in Europe is in Italy, where the market is being shaken up by the merger of two MNOs – 3 Italia and Wind, now Wind Tre – and the entry of disruptive newcomer Iliad. These two, and incumbents TIM and Vodafone, are bidding, along with Fastweb. Initial bids were worth a total of €2.47bn, close to the government’s revenue target, and the start of the process coincided with TIM officially switching on its first 5G New Radio antenna. The Italian government aims to raise €2.5bn ($2.9bn) from the sale of 75 MHz of spectrum in the 700 MHz band, 200 MHz in 3.6-3.8 GHz and 1 GHz in 26.5-27.5 GHz range. This makes…