Array Digital Continues to Slowly Sell Assets and Build Its Tower Business

Array Digital Infrastructure, formerly US Cellular, is following 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. The firm has completed the sale of its wireless operations to T-Mobile and a block of spectrum licenses to AT&T. An agreement to sell additional licenses to Verizon is likely to close in the coming months, and management is pursuing the sale of its remaining spectrum holdings. We expect these sales to mark the first steps toward ending Array’s run as a stand-alone entity.