---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-073367"
form_type: "8-K"
ticker: "TDS"
cik: "0001051512"
company_name: "TELEPHONE & DATA SYSTEMS INC /DE/"
filed_at: "2025-08-04T23:59:59+00:00"
generated_at: "2026-05-17T21:20:12.452878+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# TDS closes $4.3B sale of Array wireless ops to T-Mobile; special dividend $23/share

## Summary
- Array (fka US Cellular) sold wireless operations to T-Mobile for ~$4.3B: $2.6B cash + $1.7B debt exchange.
- Array signed 15-year Master License Agreement with T-Mobile: minimum 2,015 towers, interim on ~1,800 towers, 600 existing sites extended.
- Array declared $23.00/shr special dividend on Series A & Common stock, record Aug 11, payable Aug 19 (est. ~$2B total).
- T-Mobile accepted $1.68B aggregate principal of Array notes; remaining ~$364M notes outstanding; cancellation expected Aug 5.
- Array repaid and terminated securitization facility and bank facilities; no termination penalties incurred.

## SEC filing metadata
- accession: 0001104659-25-073367
- form_type: 8-K
- ticker: TDS
- cik: 0001051512
- company_name: TELEPHONE & DATA SYSTEMS INC /DE/
- filed_at: 2025-08-04T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 1.02, 2.01, 3.03, 8.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1051512/000110465925073367/0001104659-25-073367-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1051512/000110465925073367/tm2518822d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-073367
- JSON: https://secwatch.observer/filing/0001104659-25-073367.json
- Plain text: https://secwatch.observer/filing/0001104659-25-073367.txt

## Key facts
- M&A Transactions
  TELEPHONE & DATA SYSTEMS INC /DE/ completed a disposition involving T-Mobile US, Inc. for approximately $4.3 billion (closed 2025-08-01).
  - Action: disposition
  - Counterparty: T-Mobile US, Inc.
  - Consideration: approximately $4.3 billion
  - Closing: 2025-08-01
  source text: Buyer. The purchase price received by Array at the Closing pursuant to the Purchase Agreement, after giving effect to adjustments pursuant thereto at Closing, was approximately $4.3 billion in the aggregate (the “Adjusted Purchase Price”), with approximately $2.6 billion of the Adjusted Purchase Price being paid in cash and approximately $1.7 billion of the Adjusted
  evidence_url: https://www.sec.gov/Archives/edgar/data/1051512/000110465925073367/0001104659-25-073367-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.