Open report — full analysis, no account required.
Sign up to generate reports and read filings that aren't on the open list.
Get notified when TDS files again. Create a free account and we'll email you the moment its next filing is analyzed.
Get filing alertsTDS subsidiary Array closes $1B Verizon spectrum sale, declares $11/share special dividend
Filed June 1, 2026 · Period ending June 1, 2026 · ~1 min read
Key Changes
-
high
Array completed sale of spectrum assets to Verizon for $1.0 billion cash on June 1, 2026, converting wireless licenses into immediate liquidity for the TDS subsidiary.
Item 8.01 verify on EDGAR → -
high
Array declared $11.00 per share special dividend payable June 25, 2026 to shareholders of record as of June 11, 2026, distributing proceeds from the Verizon transaction.
Item 8.01 verify on EDGAR → -
high
TDS owns 70.8 million Array shares and will receive $1.0 billion from the special dividend, representing a major cash inflow to the parent company.
Item 8.01 verify on EDGAR →
Summary
TDS subsidiary Array Digital Infrastructure closed its previously announced $1.0 billion sale of spectrum licenses to Verizon on June 1, 2026. The transaction, originally announced in October 2024, converts wireless spectrum holdings into cash and marks a strategic shift in Array's asset composition.
Immediately following the closing, Array's board declared an $11.00 per share special dividend to distribute proceeds to shareholders. For TDS shareholders, this represents significant value realization. TDS holds 70.8 million Array shares and will receive $1.0 billion when the dividend is paid on June 25, 2026.
This cash infusion strengthens TDS's financial position and provides capital flexibility for debt reduction, share repurchases, or other strategic investments. Investors should watch for TDS management's capital allocation plans in upcoming earnings calls or investor communications. How the company deploys this substantial cash windfall—whether toward debt paydown, returning capital to TDS shareholders, or funding growth initiatives—will be critical to assessing the transaction's ultimate value creation.
Section-by-Section Diff
Event · Item 2.01 — Completion of Acquisition or Disposition of Assets
Item 2.01 — Completion of Acquisition or Disposition of Assets filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On June 1, 2026, Array Digital Infrastructure, Inc. (f/k/a United States Cellular Corporation) (“Array”), a subsidiary of Telephone and Data Systems, Inc. (“TDS”), and certain subsidiaries of Array (collectively, “Sellers”) completed the previously announced sale of select spectrum assets to Verizon Communications Inc. (“Verizon”), pursuant to the terms of that certain License Purchase Agreement, dated as of October 17, 2024, between Sellers and Verizon (the “Closing”).
TDS subsidiary Array closed the sale of spectrum licenses to Verizon that was originally announced in October 2024. This transaction converts spectrum holdings into cash and represents a strategic shift in Array's asset base.
Added in current filing · verify on EDGAR →
The purchase price received by Array at the Closing was $1.0 billion, paid in cash.
Array received $1.0 billion in cash at closing. This substantial cash infusion strengthens TDS's balance sheet and provides capital for debt reduction, dividends, share buybacks, or other strategic investments.
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On June 1, 2026, the Board of Directors of Array declared a special cash dividend to holders of Array’s Common Stock (“Common Stock”) and holders of Array’s Series A Common Stock (“Series A Common Stock”) of $11.00 per share payable in cash to the stockholders of record as of June 11, 2026.
Array's board declared a special cash dividend of $11.00 per share for both Common Stock and Series A Common Stock holders. The record date is June 11, 2026, meaning shareholders as of that date will receive the dividend.
Added in current filing · verify on EDGAR →
On June 1, 2026, TDS held 33,005,877 shares of Series A Common Stock and 37,782,826 shares of Common Stock.
TDS holds a total of 70,788,703 Array shares (33,005,877 Series A plus 37,782,826 Common Stock). At $11.00 per share, TDS will receive $1.0 billion from this special dividend, representing a significant cash inflow.
Added in current filing · verify on EDGAR →
The payment date in respect of the dividend is scheduled for June 25, 2026.
The special dividend will be paid on June 25, 2026. This is the date when TDS and other Array shareholders will receive the cash payment.
Thanks — your feedback helps us improve report quality.
Figures/quotes linked to EDGAR · Narrative written by AI · Jun 1, 2026 · How we verify