Array Digital Infrastructure announced it has closed its previously announced agreement with AT&T to sell a portion of Array’s retained spectrum licenses for total consideration of $1.018 billion.
The company said the transaction advances an objective it disclosed on May 28, 2024, to monetize spectrum that was not included in the spectrum sale to T-Mobile that closed on Aug. 1, 2025.
Following the closing of the AT&T transaction, Array’s board of directors declared a special cash dividend of $10.25 per common share and Series A common share. The dividend is payable Feb. 2, 2026, to shareholders of record as of Jan. 23, 2026.
Array also said it currently expects that when 2026 Forms 1099-DIV are issued, the special dividend will be largely designated as an ordinary and qualified dividend, subject to shareholders meeting applicable holding-period requirements. The company noted the ultimate designation will depend on factors including its 2026 taxable income and the amount and timing of any additional special dividends issued during 2026.
Citigroup Global Markets served as lead financial advisor and Centerview Partners served as financial advisor to Telephone and Data Systems, Inc. in connection with the AT&T transaction, with TD Securities (USA) and Wells Fargo also serving as financial advisors to TDS. Wilkinson Barker Knauer served as lead transactional and FCC regulatory counsel to both TDS and Array, while Clifford Chance served as regulatory advisor to both companies and Sidley Austin served as legal advisor to TDS. PJT Partners served as financial advisor and Cravath, Swaine & Moore served as legal advisor to Array’s independent directors.
Array is an owner and operator of shared wireless communications infrastructure in the U.S., with more than 4,400 cell towers nationwide. The company is headquartered in Chicago and is approximately 82% owned by TDS.
KEY QUOTE:
“We are pleased with the significant value realized in this sale. And we are continuing to return value to our shareholders in the form of a special dividend.”
Anthony Carlson, President and CEO
