On Monday, a Canadian spectrum auction concluded with the government raising $4.2 billion, or the $1.5 billion the country expected to raise, cbc.ca reports. Among new entrants, the big winner was Toronto-based Globalive Communications, which currently sells home phone and internet services under the Yak brand in Canada. The company paid $442 million for 30 licenses, which will be enough to launch a national cellphone service with the exception of Quebec. Globalive has not yet said what it will do with the spectrum, but observers believe it may provide a low-cost alternative based on the history of the company’s investors. The company is backed by two foreign billionaires — Naguib Sawiris of Egypt and Iceland’s Thor Bjorgolfsson. Both owners are known for offering bargain cellphone services in other countries. For instance, customers of Naguib’s Wind brand in Italy and Greece pay less than $27 a month compared to $59.30 and $55 a month for Canada’s Telus and Rogers respectively. The new entrants are likely to build networks based on 3G networks or 4G (using LTE, or long-term evolution, rather than WiMax).

SEE ALSO: Canadian Spectrum Auction Hits $4 Billion; New Wireless Provider Looks Promising