Telephone and Data Systems Announces It Is No Longer Pursuing the Acquisition of Public Shares of Array Digital Infrastructure

Telephone and Data Systems, Inc. (TDS) has announced that it will no longer pursue the acquisition of the public shares of Array Digital Infrastructure, Inc. (Array) that it does not already own. TDS cited a failure to reach an agreement on the form of consideration and value as the reason for withdrawing its proposal. TDS, which currently holds an approximately 82% ownership interest in Array, remains confident in Array's business and long-term prospects and will continue to support its efforts to monetize its wireless spectrum assets. Following the withdrawal of the Array acquisition proposal, TDS expects to recommence its share repurchase program, with approximately $523.9 million remaining available under its existing authorizations.