TDS Proposes Merger to Acquire Remaining Stakes in Array Digital Infrastructure

On May 8, 2026, Telephone and Data Systems, Inc. (TDS) filed a Schedule 13D/A reporting an 81.9% ownership stake in Array Digital Infrastructure, Inc. (formerly United States Cellular Corporation). The filing details a non-binding proposal delivered on May 7, 2026, to acquire all outstanding Common Shares of Array not already owned by TDS. Under the proposed terms, each Array Common Share would be exchanged for 0.86 of a TDS Common Share. This exchange ratio assumes the closure of previously announced spectrum license sales totaling approximately $1.177 billion and the payment of a $10.40 per share dividend to Array stockholders. TDS currently holds 37,782,826 Common Shares and 33,005,877 Series A Common Shares, representing 95.9% of the combined voting power. The proposal is intended to streamline corporate governance and eliminate duplicative costs. TDS stated it is only interested in acquiring the remaining shares and will not entertain third-party offers for Array or its assets. The transaction is subject to approval by a special committee of disinterested directors and a majority vote from disinterested stockholders.