PR Newswire·Sep 1, 2026, 7:41 PM ET

Telephone and Data Systems Announces It Is No Longer Pursuing the Acquisition of Public Shares of Array Digital Infrastructure

TDS announced it is withdrawing its proposal to acquire the remaining 18% of Array Digital Infrastructure shares that it does not already own.
The withdrawn offer would have exchanged each non-TDS Array share for 0.86 of a TDS share.
TDS will retain its approximately 82% ownership stake in Array.
CEO Walter Carlson stated the deal was not completed due to an inability to agree on the form of consideration & value.
TDS & Array intend to increase efforts to monetize Array's remaining wireless spectrum assets in the near term.
TDS expects to recommence share repurchases under its existing programs, including the $500 million authorization from November 2025.
Approximately $523.9 million remained available for share repurchases as of June 30, 2026.
TDS remains confident in the long-term prospects of both its Telecom division & Array's wireless infrastructure business.