Telephone and Data Systems, Inc. submitted a non-binding proposal to acquire remaining 18.11% stake in Array Digital Infrastructure, Inc. (NYSE:AD) for approximately $610 million.
Published on 05/08/2026
at 12:05 pm EDT - Modified on 05/07/2026
Telephone and Data Systems, Inc. (NYSE:TDS) submitted a non-binding proposal to acquire remaining 18.11% stake in Array Digital Infrastructure, Inc. (NYSE:AD) for approximately $610 million on May 7, 2026. Under the terms of the acquisition, each Array Digital Infrastructure, Inc Common Share not owned by Telephone and Data Systems, Inc would be exchanged for 0.86 of a Telephone and Data Systems, Inc Common Share. Upon completion, Telephone and Data Systems, Inc. will own 100% stake in Array Digital Infrastructure, Inc and Telephone and Data Systems, Inc does not intend to sell or otherwise transfer its interest in Array Digital Infrastructure, Inc and will not entertain any third-party offers for Array Digital Infrastructure, Inc or its assets in lieu of its proposal. Telephone and Data Systems, Inc continues to support Array Digital Infrastructure, Inc's previously-disclosed intention to opportunistically monetize its remaining wireless spectrum.
The transaction is subject to satisfaction of customary closing conditions, approval by the special committee formed by Array Digital Infrastructure, Inc, shareholders of Array Digital Infrastructure, Inc. and Telephone and Data Systems, Inc.
Robert Friedsam of PJT Partners LP acted as financial advisor to Array Digital Infrastructure, Inc. G.J. Ligelis Jr. and Edward Minturn of Cravath, Swaine & Moore LLP acted as legal advisor to Array Digital Infrastructure, Inc. Jeffrey Hogan and David Kase of Wells Fargo Securities, LLC acted as financial advisor to Telephone and Data Systems, Inc. Scott Williams, John Kelsh, Danielle Haikal,and Joseph Michaels of Sidley Austin LLP acted as legal advisor to Telephone and Data Systems, Inc.
Telephone and Data Systems, Inc. is a diversified telecommunications company. The Company provides broadband, video and voice through its TDS Telecom. The Company’s segment includes Array, TDS Telecom, and Other. Its Array business connects America through digital infrastructure by leasing tower space to tenants and providing ancillary services. It also holds non-controlling interests in primarily wireless operating companies and holds certain wireless spectrum licenses. Its TDS Telecom business provides residential Internet, video, mobile, and voice services primarily through monthly subscription arrangements. Its Other business segment includes its wholly owned subsidiary Suttle-Straus, Inc. The Company, through its subsidiary TDS Telecommunications LLC, delivers high-speed Internet, television entertainment, and phone services to a mix of small to mid-sized urban, suburban and rural communities throughout the United States.
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Telephone and Data Systems, Inc. submitted a non-binding proposal to acquire remaining 18.11% stake in Array Digital Infrastructure, Inc. (NYSE: AD) for approximately $610 million.
