This is kinda what I was thinking looking at who bought what spectrum in the auctions. The question is if Vodafone will capitalise on this and how. BT don't have any 800MHz spectrum so maybe a future deal could be struck there if BT requires it.
I was surprised but how little O2 invested given that this is their core market.
http://www.ispreview.co.uk/index.php/2013/03/vodafone-uk-beats-ee-to-have-the-most-valuable-mobile-spectrum.html
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