Chicago – September 07, 2026 -- Telephone and Data Systems, Inc. (NYSE: TDS) has withdrawn its proposal to acquire the roughly 18% of Array Digital Infrastructure, Inc. (NYSE: AD) that it does not already own, ending talks over a stock-for-stock deal that would have exchanged each Array share for 0.86 of a TDS share.
TDS cites failure to agree on deal terms after extensive review
Walter Carlson, President and CEO of TDS, said the two sides could not reach agreement on the form of consideration and value despite lengthy negotiations. "We no longer believe that now is the right time to complete such a transaction," Carlson said, adding that TDS remains confident in Array's long-term prospects and will continue supporting the company as a leading owner and operator of wireless infrastructure.
TDS retains its approximately 82% stake in Array
TDS will keep its majority ownership position in Array following the withdrawal. Array operates more than 4,400 cell towers across the United States, supporting deployment of 5G and other wireless technologies, and is headquartered in Chicago.
TDS and Array plan to accelerate spectrum monetization
The companies intend to increase near-term efforts to monetize Array's remaining wireless spectrum assets, continuing a previously disclosed strategy.
Share buybacks set to resume with $523.9 million in capacity
With the acquisition proposal off the table, TDS expects to recommence repurchases under its existing share repurchase programs, including a $500 million authorization announced in November 2025. As of June 30, 2026, approximately $523.9 million remained available under TDS's buyback programs. TDS said the timing, manner and amount of any repurchases will depend on market conditions, legal requirements and other factors.