Telephone and Data Systems Announces Proposal to Acquire Public Shares of Array Digital Infrastructure

Proposed transaction aims to streamline corporate structure and enhance capital flexibility to support TDS' long-term growth CHICAGO, May 8, 2026 /PRNewswire/ -- Telephone and Data Systems, Inc. (NYSE: TDS) (the "Company" or "TDS") today announced that it has submitted a proposal to the Board of Directors of Array Digital Infrastructure, Inc. (NYSE: AD) ("Array") to acquire, by way of a merger, all of the outstanding common shares of Array that are not currently owned by TDS in an all-stock transaction. Under the terms of the proposal, each Array Common Share not owned by TDS would be exchanged for 0.86 of a TDS Common Share (the "Exchange Ratio").