Telephone and Data Systems Abandons Array Digital Acquisition

Walter Carlson, President and CEO of TDS, cited an inability to align on the form of consideration after extensive negotiations with Array’s special board committee. The scrapped proposal previously offered an exchange ratio of 0.86 TDS common shares for each outstanding Array share. TDS maintains that while the merger offered potential benefits, the current environment does not support finalizing the transaction.

With the acquisition off the table, TDS plans to pivot back to its share repurchase strategy. The company intends to utilize the remaining $523.9 million available under its existing authorizations, including a $500 million program announced in late 2025. Meanwhile, both companies will continue their joint efforts to monetize Array’s remaining wireless spectrum assets, maintaining their focus on supporting the broader operations of TDS Telecom and the expansion of fiber service footprints.