TDS withdraws Array acquisition bid, to resume buybacks

Telephone and Data Systems (TDS) has canceled its bid to purchase the remaining shares of Array Digital Infrastructure (AD) that are not already held by the company, according to a press release. The deal, which would have exchanged AD common shares for TDS common shares, would have left TDS with an approximately 82% ownership stake in AD.

However, TDS and AD were unable to agree on the terms and valuation of the transaction. TDS CEO Walter Carlson cited the inability to reach an agreement as the reason for withdrawing the bid. TDS plans to resume its share repurchase program, which includes a $500 million authorization announced in November 2025. As of June 30, 2026, TDS has $523.9 million remaining under its share repurchase programs.

Both companies intend to focus on monetizing AD's remaining wireless spectrum assets in the near future. TDS operates broadband services and wireless infrastructure through TDS Telecom and AD. Founded in 1969, TDS provides broadband services and wireless infrastructure through these entities.