By Nicholas G. Miller

Telephone and Data Systems submitted a bid to acquire Array Digital Infrastructure in an all-stock transaction.

Under the terms of the proposal, TDS would give 0.86 of a TDS share for every Array common share not owned by TDS.

The ratio reflects an at-market offer based on Thursday's closing price. It assumes that Array's previously announced spectrum license sales close and that Array pays a dividend of $10.40 a share before the merger closes.

"By bringing Array fully under TDS' ownership, Array's stockholders would retain a significant interest in the tower business while gaining exposure to TDS' growing fiber business," said TDS Chief Executive Walter Carlson.

"We expect the transaction to eliminate duplicative corporate costs, streamline corporate governance, increase share liquidity, and strengthen our capital structure, providing greater flexibility to pursue strategic investments across all our businesses, including towers and fiber," Carlson said.

Write to Nicholas G. Miller at nicholas.miller@wsj.com

(END) Dow Jones Newswires

May 08, 2026 07:24 ET (11:24 GMT)

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