Norwegian telco Telenor acquired Serbia’s Mobi63 for $1.93bn in a public auction in Belgrade on Monday.Telenor won the auction by beating off bids from Austria’s Mobilkom and Egypt’s Orascom.

Mobi63 was owned by the Serbian government and a consortium of Austrian investors. No ownership percentages were available.

Telenor initially bid $1.658bn, around $600m more than a minimum price of $1.020bn, set by the Serbian government. Offered prices could go up by $25.5m in each round of bidding.