Company: UZF
Filing Date: 2025-01-23
Form Type: DEFM14C
Source: 0000821130-25-000013
Chunk: 17

Company: ARRAY DIGITAL INFRASTRUCTURE, INC.
Filing Date: 2025-01-23
Form: DEFM14C
Chunk 17
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 related to Qui Tam Litigation, interim covenants to protect Licenses during the interim period between signing and Closing, pre and post-closing leases, and indemnification caps and carve-outs. Representatives of Cravath led a discussion with the USCC Independent Directors on their views on the topics presented by representatives of the Company’s management at the September 27, 2024 meeting of the USCC Independent Directors, including strategic considerations related to the Retained Spectrum and various other assets and businesses retained by the Company, as well as certain organizational matters.

Later on October 11, 2024, the USCC Board held a meeting. Representatives of WBK shared (a) an update as to the status of negotiations with AT&T, including key outstanding points, (b) the key terms of the current drafts of the transaction documents for the sale of the Spectrum Assets to AT&T and (c) the FCC regulatory considerations associated with the potential sale of the Spectrum Assets to AT&T. In addition, members of management presented an overview of the potential communications plan for a potential transaction announcement. Clifford Chance also presented on the regulatory considerations associated with the potential sale of the Spectrum Assets to AT&T.

From October 11, 2024 through October 31, 2024, the Company, TDS and AT&T, with the assistance of their respective legal and financial advisors, continued to negotiate the terms of the License Purchase Agreement and other primary transaction documents, including regulatory efforts, the potential exclusion of certain licenses in connection with the regulatory process, escrow, indemnification, liability caps, and pre and post-closing spectrum leases.

On October 17, 2024, the USCC Independent Directors held a meeting with representatives of Cravath, PJT Partners and WBK. Referring to a supplemental disclosure letter provided by PJT Partners to the USCC Independent Directors with respect to its relationships with the Company and AT&T prior to the meeting, it was determined that PJT Partners did not have a material conflict of interest in connection with the proposed transactions with AT&T.

Also on October 17, 2024, the Company, Verizon and the Company subsidiaries named therein as sellers executed a license purchase agreement for a portion of the Retained Spectrum in the cellular band, as well as select licenses for spectrum in the AWS and PCS bands for total consideration of $1.0 billion.

On October 31, 2024, the USCC Independent Directors held a meeting with representatives of Cravath, PJT Partners and WBK.