Telephone and Data Systems, Inc. (TDS) has this week confirmed that it has cancelled its planned acquisition of Array Digital Infrastructure.

TDS is already the majority stakeholder in Array Digital Infrastructure, formerly UScellular, with an 82 percent stake, but has withdrawn its proposal to buy out the remaining common shares that it doesn't own.

Under the initial proposals, each Array Common Share not owned by TDS would have been exchanged for 0.86 of a TDS Common Share, subject to the assumptions set forth in the proposal.

TDS noted that it was not able to strike an agreement with Array.

"While we remain confident that the combination presents substantial benefits, we no longer believe that now is the right time to complete such a transaction. Despite extensive review on both sides, we were not able to reach agreement on the form of consideration and value," said Walter Carlson, president and CEO, TDS.

The company did reiterate it will continue to support Array, which has transitioned to become a telecom towers infrastructure business since selling its wireless business to T-Mobile along with its 4.5 million customers, plus additional spectrum assets to AT&T and Verizon.

As of the end of Q2, Array owns and operates 4,456 towers, of which 4,362 are colocation sites.

TDS said it will resume share buybacks and had $523.9 million available under its buyback program, while it will also look to pursue further spectrum monetization opportunities with Array.

Founded in 1969, TDS offers wireline broadband across 30 states and has passed more than one million locations with its fiber network.

DCD will cover an in-depth interview with Anthony Carlson, president and CEO of Array Digital Infrastructure, in the next issue of DCD>Magazine, out next month. Subscribe now to read it for free upon release.