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

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.

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

Argus Jan 14 session

+1.33% close to close Open Argus

Details

News Market Reaction – T

On Jan 14, the first trading day after this news, T closed 1.33% above the previous close.

Data tracked by StockTitan Argus for the Jan 14 session.

Key Figures

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

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

Historical Context

5 past events · Latest: Jan 07

5 events

1. Jan 07

   Auto 5G partnership

   24h Move

   -1.5%

   AT&T 5G embedded in 2026 Mitsubishi Outlander for enhanced in-car connectivity.

2. Dec 16

   VR eldercare initiative

   24h Move

   -1.0%

   AT&T participation in VR-based Elderverse expansion across Texas senior communities.

3. Dec 15

   Dividend declaration

   24h Move

   -1.1%

   Quarterly dividends declared on common and preferred shares with early 2026 pay date.

4. Dec 09

   Enterprise protection launch

   24h Move

   -1.3%

   Launch of AT&T Business Protect Enterprise with Servify for device coverage.

5. Dec 08

   Guidance, strategy update

   24h Move

   -1.3%

   CEO outlined growth strategy, buyback plans, fiber targets and leverage goals.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

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.

View in glossary

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. How Rhea-AI works. Not financial advice.

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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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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.