Our Array Digital Fair Value Estimate Moves to $49 From $72 After Special Dividend Payment

Array Digital Infrastructure, formerly US Cellular, has completed the sale of its wireless operations to T-Mobile. Agreements to sell most of its remaining spectrum licenses to Verizon and AT&T are likely to close in the coming months. The firm has followed a path we've long prescribed: carving up the wireless business among the large wireless companies in a way that maximizes value while minimizing the risk regulators step in. We expect these sales to mark the first steps toward ending Array’s run as a stand-alone entity.