U.S. Cellular Telephone and Data close divestiture of wireless operations

Array Digital Infrastructure (USM) and Telephone and Data Systems (TDS) announced the successful closing of the previously announced divestiture of the Company’s wireless operations and select spectrum assets to T-Mobile US. Total consideration received in today’s closing was $4.3B after adjustments, which includes a combination of $2.6B in cash proceeds and approximately $1.7B in debt assumed by T-Mobile through an exchange offer made to UScellular’s debtholders, which is expected to close on August 5. The amounts are subject to final adjustment approximately 180 days after the closing date. ArraySM will retain its approximately 4,400 owned towers, noncontrolling investment interests, and spectrum holdings across various bands. Array’s tower assets represent the fifth largest tower business in the United States.