Verizon to Buy Array Spectrum Licenses in $1 Billion Asset-Purchase Deal
The transaction advances Array's strategy to monetize retained wireless spectrum following the $4.3 billion sale of its wireless operations to T-Mobile.
Verizon Communications, Inc. agreed to acquire a portion of Array Digital Infrastructure, Inc.'s (NYSE:AD) retained spectrum licenses in a $1.0 billion asset-purchase transaction, the companies said. The deal covers certain AWS, Cellular and PCS wireless spectrum licenses that Array held after completing the sale of its wireless operations to T-Mobile US in August 2025.
The transaction stems from a License Purchase Agreement the parties entered into on October 17, 2024, under which Array also granted Verizon certain rights to lease the licenses prior to closing. The deal is expected to close in the second or third quarter of 2026, subject to regulatory approval and other customary closing conditions, including the termination of the T-Mobile Short-Term Spectrum Manager Lease Agreement.
"We have made significant progress in our spectrum monetization efforts and are pleased with the value realized in this sale," said Anthony Carlson, Array's President and CEO. The company has framed the transaction as part of a broader effort to opportunistically monetize remaining spectrum following the divestiture of its core wireless business.
Array, formerly United States Cellular Corporation, completed the sale of its wireless operations and select spectrum assets to T-Mobile for total consideration of $4.3 billion, including a combination of cash and assumed debt, on August 1, 2025. The company subsequently rebranded and declared a $23.00-a-share special dividend tied to the transaction. Since then, Array has operated primarily as a tower company with approximately 4,400 towers and a Master License Agreement with T-Mobile, while pursuing additional spectrum sales.
The Verizon deal is one of several spectrum monetization efforts Array has advanced. On January 13, 2026, the company closed on the sale of certain 3.45 GHz and 700 MHz spectrum licenses to AT&T for $1.018 billion, recording a book gain of $156.6 million. Array also reached agreements with T-Mobile for additional 700 MHz spectrum licenses, AWS and a portion of the 600 MHz put/call totaling $178 million in aggregate expected proceeds, of which $74.8 million from certain 700 MHz licenses closed on May 5, 2026.
The Verizon transaction is expected to close in the second or third quarter of 2026, subject to regulatory approval and other customary closing conditions. Array has reaffirmed its 2026 guidance, projecting total operating revenues from continuing operations of $200 million to $215 million and adjusted EBITDA of $200 million to $215 million.