This entry is sourced from an 8-K exhibit (Exhibit 99.1) filed by Array Digital Infrastructure, Inc. with the SEC on January 13, 2026, announcing closing of the transaction. This spectrum sale furthers an objective announced on May 28, 2024, to opportunistically monetize spectrum not included in Array's prior sale of wireless operations to T-Mobile, which closed August 1, 2025. The special dividend was payable February 2, 2026 to shareholders of record January 23, 2026.
On financial advisory, Citigroup Global Markets Inc. served as lead financial advisor and Centerview Partners LLC served as financial advisor to Telephone and Data Systems, Inc. (TDS) in connection with the AT&T transaction; TD Securities (USA) LLC and Wells Fargo also served as financial advisors to TDS. Separately, PJT Partners LP served as financial advisor to the independent directors of Array, reflecting the related-party dynamic given TDS's majority ownership of Array.
On legal advisory, Wilkinson Barker Knauer, LLP served as lead transactional and FCC regulatory counsel to both TDS and Array, Clifford Chance LLP served as regulatory advisor to both companies, Sidley Austin LLP served as legal advisor to TDS specifically, and Cravath, Swaine & Moore LLP served as legal advisor to the independent directors of Array.
The deal structure disclosed is a straightforward asset sale of spectrum licenses for $1.018 billion in total consideration, which had already closed as of the announcement, funding a subsequent special shareholder dividend.
What is not disclosed: the press release does not break out the $1.018 billion consideration by spectrum band or geography, does not state a separate equity versus enterprise value distinction (the sale is of specific assets, not the whole company), and does not disclose individual advisor fees.