Company: UZF
Filing Date: 2025-01-14
Form Type: PREM14C
Source: 0000821130-25-000007
Chunk: 15

Company: ARRAY DIGITAL INFRASTRUCTURE, INC.
Filing Date: 2025-01-14
Form: PREM14C
Chunk 15
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 C was not selected as a winning bidder with respect to any licenses.

The Company continued to express its support for AT&T’s negotiation directly with the Limited Partnership of an acquisition of the Limited Partnership Owned Licenses from the Limited Partnership.

On August 16, 2024, the USCC Independent Directors held a meeting with representatives of Cravath, PJT Partners and Company management. Representatives of Company management provided an update on the sale process for the Retained Spectrum and the status of negotiations with potential counterparties, including ongoing discussions and negotiations with AT&T and Verizon. Representatives of Cravath then provided the USCC Independent Directors with an overview of the corporate approval and disclosure requirements in connection with any sale of Retained Spectrum.

On August 21, 2024, the Company and AT&T, along with their respective legal and financial advisors, held a meeting to discuss the draft license purchase agreement.

In various calls held during the period from August 22, 2024 through September 6, 2024, consistent with the directives of the Company and TDS, Citi relayed to AT&T the views of the Company and TDS that AT&T’s proposed purchase price for the Spectrum Assets was insufficient. By September 6, 2024, after further discussions, AT&T agreed to increase its proposed purchase price from (a) $35 million to $96 million for substantially all of the licenses held by the Company in the 700 MHz band B and C Blocks, which was ultimately accepted by the Company, and (b) from $360 million to $432 million for selected licenses held by the Company in the 850 MHz (cellular) band, which was ultimately not accepted by the Company. In addition, the Company accepted AT&T’s bid for 3.45 GHz band for a purchase price of $690 million.

On August 28, 2024, Party B executed a license purchase agreement to purchase a C-Band license and various CBRS licenses for total consideration of approximately $3.3 million.

From September 6, 2024 through September 27, 2024, the Company, TDS and AT&T, along with their respective legal and financial advisors, continued to negotiate the terms of the license purchase agreement and the other primary transaction documents, including a purchase price holdback in the event Licenses remain encumbered by the T-Mobile Lease at Closing, regulatory efforts, exclusion of Licenses in connection with obtaining regulatory approvals, effects of the T-Mobile Agreement on the parties’ obligations under