This entry is sourced from an 8-K exhibit (Exhibit 99.1) filed by Array Digital Infrastructure, Inc. with the SEC on June 1, 2026, announcing closing of the Verizon spectrum sale. Following close of the Verizon transaction and other spectrum sales, and considering current cash on hand, Array's board declared a special cash dividend of $11.00 per common share and Series A common share, payable June 25, 2026. The release separately notes that the special dividend declaration is unrelated to a non-binding proposal, dated May 7, 2026 and announced May 8, 2026, from TDS to acquire all outstanding Array common shares it does not already own; the Array special committee had not made a decision on that non-binding proposal as of this release.
On financial advisory, Citigroup Global Markets Inc. served as lead financial advisor and Centerview Partners LLC served as financial advisor to TDS in connection with the Verizon transaction, with TD Securities (USA) LLC and Wells Fargo also serving as financial advisors to TDS. PJT Partners LP served as financial advisor to the independent directors 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, and Cravath, Swaine & Moore LLP served as legal advisor to Array's independent directors.
What is not disclosed: the release does not provide the specific spectrum bands or markets involved in the Verizon sale beyond referencing "a portion" of retained licenses, does not disclose the status or terms of the separate TDS non-binding proposal to acquire the rest of Array (which remains preliminary, not a definitive agreement, and is therefore not treated here as its own deal), and does not state individual advisor fees.