UScellular sells wireless operations to T-Mobile for $4.4B cash and up to $2B debt

ARRAY DIGITAL INFRASTRUCTURE, INC.

Purchase price: $4.4B cash plus assumption of up to ~$2B debt; expected close mid-2025 subject to regulatory approvals.
UScellular retains ~70% of spectrum, 4,400 towers, and equity investments; T-Mobile to lease at least 2,015 towers under a new MLA.
Transaction approved by UScellular and TDS boards; TDS (83% shareholder) consented; no shareholder vote required.
UScellular plans to return capital to shareholders after close; pro forma and segment financials to be provided later.
Advisors: Citigroup, Centerview, Sidley Austin for TDS; PJT Partners, Cravath for UScellular independent directors.

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