Array completes sale of select spectrum assets to AT&T for $1.018 billion

Rhea-AI Summary

Array Digital Infrastructure (NYSE: AD) closed a sale of a portion of its retained spectrum licenses to AT&T (NYSE: T) for $1.018 billion. Following the close, the Array board declared a special cash dividend of $10.25 per common share, payable on February 2, 2026 to shareholders of record on January 23, 2026. Array expects the 2026 1099-DIV to largely designate the special dividend as ordinary and qualified, subject to shareholder holding periods.

Positive

• $1.018 billion cash proceeds from spectrum sale to AT&T
• Declared $10.25 special cash dividend per share payable Feb 2, 2026
• Special dividend expected to be largely ordinary and qualified on 2026 1099-DIV

Negative

• Sale reduces Array's retained spectrum licenses following the transaction

News Market Reaction – AD

+6.60%

11 alerts

+6.60% News Effect

+3.8% Peak in 17 hr 34 min

+$311M Valuation Impact

$5.02B Market Cap

1.0x Rel. Volume

On the day this news was published, AD gained 6.60%, reflecting a notable positive market reaction. Argus tracked a peak move of +3.8% during that session. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $311M to the company's valuation, bringing the market cap to $5.02B at that time.

Data tracked by StockTitan Argus on the day of publication.

Board declares special dividend of $10.25 per share

CHICAGO, Jan. 13, 2026 /PRNewswire/ -- Array Digital Infrastructure, Inc.^SM (NYSE: AD) (Array^SM) today announced the successful closing of the previously announced agreement with AT&T (NYSE: T) to sell a portion of the Company's retained spectrum licenses for total consideration of $1.018 billion. 

The transaction furthers the objective announced on May 28, 2024, to opportunistically monetize the spectrum that was not included in the sale to T-Mobile that closed on August 1, 2025.

Following the close of the AT&T transaction, the Array Board of Directors has declared a special cash dividend of $10.25 per Common Share and Series A Common Share.  The special dividend is payable on February 2, 2026, to shareholders of record on January 23, 2026.

"We are pleased with the significant value realized in this sale," said Anthony Carlson, President and CEO.  "And we are continuing to return value to our shareholders in the form of a special dividend." 

Note
Array currently expects that when 1099-DIVs are issued for 2026, this special dividend will be largely designated as an ordinary and qualified dividend, subject to the shareholder's holding period requirements.

Advisors
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.  Wilkinson Barker Knauer, LLP served as lead transactional and FCC regulatory counsel to both TDS and Array.  In addition, Clifford Chance LLP served as regulatory advisor to both TDS and Array and Sidley Austin LLP served as legal advisor to TDS.  PJT Partners LP served as financial advisor and Cravath, Swaine & Moore LLP served as legal advisor to the independent directors of Array.

About Array^SM
Array Digital Infrastructure, Inc. is a leading owner and operator of shared wireless communications infrastructure in the United States. With over 4,400 cell towers in locations from coast to coast, Array enables the deployment of 5G and other wireless technologies throughout the country. Headquartered in Chicago, Array is approximately 82% owned by TDS. 

For more information about Array, visit: investors.arrayinc.com

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements.  The forward-looking statements include the statement regarding Array's expectation regarding the designation of the special dividend on 1099-DIV.  This statement relies on the company's current assumptions and involves uncertainties that could cause a different result.  The ultimate designation of the special dividend depends on several factors including Array's 2026 taxable income and the amount and timing of any additional special dividends issued by Array in 2026.

View original content:https://www.prnewswire.com/news-releases/array-completes-sale-of-select-spectrum-assets-to-att-for-1-018-billion-302660307.html

SOURCE Array Digital Infrastructure, Inc.

FAQ

What did Array (NYSE: AD) sell to AT&T (NYSE: T) on January 13, 2026?

Array sold a portion of its retained spectrum licenses to AT&T for $1.018 billion.

How much is the special dividend Array declared after the AT&T sale?

The board declared a $10.25 per share special cash dividend.

When is the Array special dividend payable and what is the record date?

Payable on February 2, 2026 to shareholders of record on January 23, 2026.

How will Array classify the special dividend on tax forms for 2026?

Array currently expects the special dividend to be largely designated as ordinary and qualified on 2026 1099-DIVs, subject to holding period rules.

What is the investor impact of Array receiving $1.018 billion from AT&T?

The company received $1.018 billion in proceeds and has returned value via a $10.25 per share special dividend.