TDS and Array successfully closed the $4.3 billion sale of their wireless business to T-Mobile, significantly strengthening their balance sheets and enabling a renewed focus on tower and fiber operations.
- The completion of the T-Mobile transaction resulted in the assumption of $1.7 billion in debt, leaving Array with $364 million, enhancing financial flexibility.
- A special dividend of $23 per share has been declared, with TDS receiving approximately $1.63 billion, leading to $80 million in annual interest savings after debt redemptions.
- Leadership transitions at TDS Telecom aim to strengthen operations, with new CEO Ken Dixon bringing extensive industry experience to drive growth in fiber.
- Array is well-positioned in the tower business, with expectations of $2 billion from upcoming spectrum sales following regulatory approvals.
- Plans for a regular dividend are in the works for Array post-spectrum transactions, underscoring shareholder value as a priority.
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