Telephone and Data Systems Inc. said it has withdrawn its proposal to acquire the remaining shares of Array Digital Infrastructure Inc. that it does not already own, citing an inability to agree on valuation and consideration terms.
The proposed all-stock transaction would have exchanged each Array common share not held by TDS for 0.86 of a TDS common share. TDS currently owns about 82% of Array, which operates more than 4,400 cell towers across the United States. Both companies indicated they will now focus on monetizing Array’s remaining wireless spectrum assets in the near term.
TDS, founded in 1969, said it remains committed to returning capital to shareholders. The company plans to resume share repurchases under a previously announced $500 million program, initially disclosed in November 2025. As of June 30, 2026, approximately $523.9 million remained available under existing repurchase authorizations.
Walter Carlson, TDS president and CEO, stated that despite extensive review, the parties could not reach terms acceptable to both sides. "We no longer believe that now is the right time to complete such a transaction," Carlson said.
