en.Wedoany.com Reported - Array Digital Infrastructure, Inc. (NYSE: AD) announced the closing of its previously disclosed agreement to sell a portion of its retained spectrum licenses to Verizon (NYSE: VZ) for total consideration of $1 billion.
Additionally, Array's sale of certain spectrum to T-Mobile, totaling $168 million and primarily involving the 700MHz and 600MHz bands, was completed in May. These transactions are part of the company's established spectrum monetization plan, initially announced on May 28, 2024, which aims to opportunistically monetize remaining spectrum following the completion of the T-Mobile wireless business sale by August 1, 2025.
Based on the closing of the Verizon and other transactions and its current cash position, Array's Board of Directors has declared a special cash dividend of $11.00 per share on its common stock and Class A common stock. The dividend will be payable on June 25, 2026, to shareholders of record as of June 11, 2026. The company currently expects no additional dividends in 2026, though future dividend payments remain at the discretion of the Board.
Anthony Carlson, President and Chief Executive Officer of Array, stated that the company has made significant progress in its spectrum monetization efforts and is pleased with the value realized from this sale. He noted that the company is returning proceeds from prior asset sales to shareholders in the form of a special dividend. The declaration of this special dividend is independent of the evaluation by Array's Board Special Committee of a non-binding proposal submitted by Telephone and Data Systems, Inc. (NYSE: TDS) on May 7, 2026, to acquire all outstanding shares of Array common stock not currently held by TDS, announced on May 8, 2026. The Special Committee has not yet made any decision regarding the proposal.
Array expects that upon issuance of Form 1099-DIV in 2026, this special dividend will be designated primarily as ordinary qualified dividends, subject to shareholder holding period requirements. Array Digital Infrastructure is a leading owner and operator of shared wireless communication infrastructure in the United States. With over 4,400 towers nationwide, the company facilitates the deployment of 5G and other wireless technologies across the country. Headquartered in Chicago, Array is approximately 82% owned by TDS.
In this transaction, Citigroup Global Markets Inc. served as lead financial advisor, Centerview Partners LLC acted as financial advisor to TDS for the Verizon transaction, and TD Securities (USA) LLC and Wells Fargo also served as financial advisors to TDS. Wilkinson Barker Knauer, LLP served as lead transaction and FCC regulatory counsel to TDS and Array, Clifford Chance LLP served as regulatory advisor, and Sidley Austin LLP served as legal counsel to TDS. PJT Partners LP served as financial advisor to Array's independent directors, and Cravath, Swaine & Moore LLP served as their legal counsel.
All information in this press release that is not historical fact constitutes forward-looking statements. Such statements are based on the company's current assumptions and involve uncertainties that could lead to different outcomes. The final designation of the special dividend and future dividend payments are subject to business, economic, and other relevant factors.
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