Array Digital Infrastructure, Inc.

Overview

Array Digital Infrastructure owns and operates wireless communications infrastructure, primarily tower assets. The company leases tower space to wireless carriers and provides related services, including colocation and equipment space. It maintains long-term tenancy relationships with major carriers through Master License Agreements (MLAs) and other lease structures, and manages land rights for tower sites (leased land, deeded land, and perpetual easements) and the associated ground leases and escalations.

Footprint and assets

• Towers owned: 4,450 (as of December 31, 2025)
• States: 19
• Tower types: Monopole, self-support (lattice), and guyed towers
• Physical characteristics: Average height 260 feet; range 60–600 feet
• Land tenure: ~18% on deeded land or land with perpetual easements; over 65% of towers on leased land have lease terms expiring in 10+ years
• Gross property, plant and equipment (PPE): $1,079.0 million (as of December 31, 2025)
• Corporate headquarters: Chicago, Illinois

Customers and tenants

• Largest historical tenants: T-Mobile, AT&T, and Verizon
• DISH Wireless: Had obligations under a Master Lease Agreement; in 2025 a dispute arose regarding payments, and Array cited a September 2025 letter excusing DISH’s obligations due to FCC actions and related agreements
• Following the August 1, 2025 sale of wireless operations to T-Mobile, Array’s remaining business is more dependent on ongoing arrangements with T-Mobile under the MLA and related commitments

Ownership, governance, and structure

• Ownership: 82.0% owned by Telephone and Data Systems, Inc. (TDS) as of December 31, 2025
• Voting power: TDS controls 96% of combined voting power
• Board: Six of Array’s nine directors are affiliated with TDS or its management
• Related-party arrangements exist between Array and TDS; several directors and officers have ties to both entities

Recent transactions and strategic developments (2024–2025)

• Wireless operations sale to T-Mobile (August 1, 2025): Total consideration $4,293.8 million, comprised of approximately $2,628.8 million in cash and $1,665.0 million in debt assumed by T-Mobile. A $16.7 million deferral related to spectrum licenses not transferred at closing was recorded.
• Post-closing arrangements with T-Mobile: Array and T-Mobile entered into a Master License Agreement under which T-Mobile will license space on Array towers and committed to at least 15 years of minimum occupancy with potential 15-year extensions. T-Mobile also entered into a Short-Term Spectrum Manager Lease/Sublease to maintain service continuity for up to one year.
• Additional spectrum sales (separate License Purchase Agreements):
  • Verizon: AWS, Cellular and PCS licenses; Purchase Price $1,000,000; Book Value $585,579 (12/31/2025); Signing date Oct 17, 2024; Close estimated 2H 2026.
  • AT&T: 700 MHz licenses; Purchase Price $1,018,044; Book Value $860,145 (12/31/2025); Signing date Nov 6, 2024; Close estimated Jan 13, 2026.
  • T-Mobile: 700 MHz licenses; Purchase Price $85,000; Book Value $64,267; Signing date Aug 29, 2025; Close in 2026.
  • T-Mobile: 600 MHz licenses; Purchase Price $86,387; Book Value $86,454; Signing date Oct 7, 2025; Close in 2026.
• Portfolio alignment: A strategic alternatives process for remaining spectrum assets continues, with consideration of monetization options and potential decommissioning of non-tenant towers as MLA commitments and other agreements take effect

Operations and financial context

• Headcount: Approximately 60 full‑time and part‑time associates (as of December 31, 2025)
• The company recorded wind-down costs related to the wireless assets and continues to incur expenses tied to the strategic alternatives process
• Key dependencies and risks include reliance on T-Mobile under the MLA for occupancy and revenue, timing and approval of pending spectrum transactions, and uncertainty around monetization of remaining spectrum assets and potential decommissioning of towers without tenants

One-line summary

Array Digital Infrastructure, Inc. is a tower owner and operator that leases space to wireless carriers and provides related services; as of December 31, 2025 it owned 4,450 towers across 19 states, held $1,079.0 million in gross PPE, employed about 60 people, and was largely reshaped in 2025 by the sale of its wireless operations to T-Mobile, leaving the business anchored by TDS ownership (82%), the MLA with T-Mobile, and ongoing spectrum monetization efforts.