After Dense Air, a new member based in London, withdrew from the process, the three companies were able to secure an attractive deal at a very high price, according to the results of Friday's auction.
Dense Air's withdrawal - part of Airspan Group, which owns 4G and 5G mobile phone networks in Europe, Australia and New Zealand - also eliminated potential competitors from three companies in the already crowded Swiss mobile market.
Switzerland's results are in sharp contrast to those of neighboring Germany, where three large mobile operators are facing competition from the fourth operator for a 5G spectrum.
According to a Handelsblatt report, Switzerland's auction also raised much less than Italy's 5.5 billion euros ($7.37 billion) sales last year, while Germany may raise 4 billion to 5 billion euros in its 5G auction.
Telecom operators are keen on 5G frequencies to gain advantages in new digital services, such as power supply for the Internet of things - daily appliances that can communicate via the Internet - industrial automation and autopilot. Andreas Mueller, an analyst at Zuercher Kantonalbank, said: "For the companies involved, the prices they pay are quite low - less than half the price at the 2012 4G auction, which is positive."
Mueller said the timing of the auction was good for Swisscom, which could quickly invest in the launch of 5G technology. Swisscom has successfully tested 5G applications and has test networks in Lausanne, Geneva, Zurich, Bern, Davos and Lucerne.
"It's good news for all companies that there is no fourth participant in the market, because it means less price pressure on them," Miller said.
Jefferies's analysts said: "The result has been mitigated in two ways: there are no new entrants, and despite the fourth bidder, the price is still moderate."
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