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

+1.69%

11 alerts

+1.69% News Effect

+3.8% Peak in 17 hr 34 min

+$83M Valuation Impact

$5.02B Market Cap

1.0x Rel. Volume

On the day this news was published, AD gained 1.69%, reflecting a mild 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 $83M 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.

Key Figures

Spectrum sale consideration: $1.018 billion Special dividend: $10.25 per share Dividend pay date: February 2, 2026 +3 more

6 metrics

Spectrum sale consideration $1.018 billion Total consideration from AT&T for select spectrum assets

Special dividend $10.25 per share Cash dividend on Common and Series A Common Shares

Dividend pay date February 2, 2026 Payment date for declared special dividend

Record date January 23, 2026 Shareholders of record eligible for special dividend

Announcement date (objective) January 13, 2026 Closing of AT&T spectrum purchase and dividend declaration

Expected tax treatment Largely ordinary and qualified dividend Company’s current expectation for 2026 1099-DIV designation

Market Reality Check

Price: $47.92 Vol: Volume 40,307,394 vs 20-d...

normal vol

$47.92 Last Close

Volume Volume 40,307,394 vs 20-day average 36,315,902 suggests slightly elevated trading interest. normal

Technical Price at $23.74, trading below 200-day MA at $27, indicating a prior downtrend into this news.

Peers on Argus

AT&T shares were down 1.04% while key peers showed mixed moves: TMUS -1.41%, VZ ...

AT&T shares were down 1.04% while key peers showed mixed moves: TMUS -1.41%, VZ +0.05%, CMCSA +1.11%, AMX +0.69%, CHTR -1.02%, pointing to company-specific factors over a broad sector trend.

Historical Context

5 past events · Latest: Jan 07 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 07	Auto 5G partnership	Positive	-1.5%	AT&T 5G embedded in 2026 Mitsubishi Outlander for enhanced in-car connectivity.
Dec 16	VR eldercare initiative	Positive	-1.0%	AT&T participation in VR-based Elderverse expansion across Texas senior communities.
Dec 15	Dividend declaration	Positive	-1.1%	Quarterly dividends declared on common and preferred shares with early 2026 pay date.
Dec 09	Enterprise protection launch	Positive	-1.3%	Launch of AT&T Business Protect Enterprise with Servify for device coverage.
Dec 08	Guidance, strategy update	Positive	-1.3%	CEO outlined growth strategy, buyback plans, fiber targets and leverage goals.

Pattern Detected

Recent AT&T headlines, including strategic and partnership updates, have often been followed by modestly negative 24-hour price reactions regardless of generally constructive news tone.

Recent Company History

Over the last few months, AT&T announced several strategic and capital-focused updates. On Dec 8, 2025, management reiterated guidance and outlined a $4 billion 2025 buyback and $20 billion capacity through 2027, yet shares fell in the following session. Subsequent news on enterprise protection offerings, community initiatives, and 5G integration in the 2026 Mitsubishi Outlander also saw mildly negative price reactions. The current spectrum transaction and Array’s special dividend occur against this backdrop of constructive announcements not translating into short-term price strength.

Market Pulse Summary

This announcement details AT&T’s purchase of select spectrum assets from Array for $1.018 billion, e...

Analysis

This announcement details AT&T’s purchase of select spectrum assets from Array for $1.018 billion, enabling Array to return capital via a $10.25 per-share special dividend payable on February 2, 2026 to holders of record on January 23, 2026. Investors may focus on how this transaction fits into AT&T’s broader spectrum and network strategy, as well as Array’s capital allocation choices. Key follow-ups include future spectrum utilization, regulatory developments, and any additional balance sheet actions by either party.

Key Terms

special dividend, spectrum licenses, 1099-divs, ordinary and qualified dividend, +1 more

5 terms

special dividend financial

"Board declares special dividend of $10.25 per share"

A special dividend is a one-time payment made by a company to its shareholders, usually when it has accumulated excess profits or cash. It is like a bonus or a reward for investors, often signaling that the company has extra funds available. This type of dividend matters because it can indicate a company's financial health or a significant change in its cash situation.

spectrum licenses technical

"to sell a portion of the Company's retained spectrum licenses"

Spectrum licenses are government-granted rights to use specific slices of radio frequencies for wireless services, like mobile data, broadcasting, or private networks. Investors care because these licenses are limited and often essential for a company to operate or expand wireless services; securing valuable spectrum can be like owning prime real estate—it can drive revenue, reduce costs, create competitive barriers and affect a company’s growth prospects and valuation.

1099-divs financial

"Array currently expects that when 1099-DIVs are issued for 2026"

1099-divs are IRS tax forms that report dividends and other distributions you received from stocks, mutual funds or other investments during the year. They matter to investors because they summarize taxable investment income and how it’s taxed — like a receipt showing what you earned and what portion may be taxed at lower or higher rates — and are used to prepare accurate tax returns.

ordinary and qualified dividend financial

"will be largely designated as an ordinary and qualified dividend"

Ordinary and qualified dividends are two tax categories for payments shareholders receive from a company. Ordinary dividends are taxed like regular income at your normal tax rate, while qualified dividends meet specific holding and source rules and are taxed at lower long-term capital gains rates; for investors this affects the after-tax return on income stocks, like choosing between paying full price now or a discounted rate after meeting conditions.

fcc regulatory counsel regulatory

"served as lead transactional and FCC regulatory counsel to both TDS and Array"

A FCC regulatory counsel is a legal advisor who specializes in the rules and approvals of the U.S. Federal Communications Commission, guiding companies on licensing, spectrum use, broadcast and telecom compliance, and communications-related filings. For investors, their role matters because their advice can determine whether a business can operate, expand, or avoid fines—much like a navigator who keeps a ship on a safe route through complex legal waters.

AI-generated analysis. Not financial advice.

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.