Telefonica will grant 1&1 the 2.6 GHz but wants Vodafone to provide the low-band spectrum
Telefónica stated that it will continue to grant 1&1 access to the 2.6 GHz spectrum, but believes 1&1 should approach Vodafone regarding low-band spectrum, since Vodafone is already its national roaming partner.
Assessment
This reduces the risk that 1&1 will lose access to the 2.6 GHz spectrum currently leased from Telefónica, which is set to expire at the end of the year. However, it increases the risk that obtaining access to the low-band spectrum may take longer than expected.