Telephone and Data Systems said it is no longer pursuing the acquisition of the Array Digital Infrastructure shares it does not already own, withdrawing a proposal that would have exchanged each minority Array share for 0.86 of a TDS share.
TDS said it will keep its roughly 82% stake in Array and will continue to support Array’s plan to monetize remaining wireless spectrum assets. The company said it and Array plan to increase efforts in the near term to pursue those monetization opportunities.
The decision clears the way for TDS to restart repurchases of its own stock. As of June 30, 2026, TDS said about $523.9 million remained available under its share repurchase programs, including an additional $500 million authorization announced in November 2025.
TDS said it was unable to reach agreement with Array on the form of consideration and value. The company said the proposed combination had been under extensive review on both sides before the withdrawal.
The company also reiterated its focus on expanding its marketable fiber service footprint through TDS Telecom while supporting Array’s wireless infrastructure business. Array operates more than 4,400 cell towers across the U.S. Today the company's shares have moved 7.64% to a price of $36.19. For more information, read the company's full 8-K submission here.
