CHICAGO, Aug. 4, 2023
/PRNewswire/ -- The boards of directors of Telephone and Data
Systems, Inc. ("TDS") (NYSE: TDS) and United States Cellular
Corporation ("UScellular") (NYSE: USM) have each decided to
initiate a process to explore strategic alternatives for
UScellular. The comprehensive process will explore a range of
strategic alternatives.
"The TDS board believes that now is the right time for a
comprehensive review of strategic alternatives for UScellular. We
will pursue the pathway that is in the best interest of
shareholders," said Walter C.D. Carlson, Chairman of the TDS
Board.
"The UScellular leadership team and I fully support the decision
to review strategic alternatives for UScellular. We will remain
focused on executing our plan and fulfilling our mission of
connecting people to what matters most," said Laurent Therivel, Chief Executive Officer of
UScellular.
TDS has retained Citi as its financial advisor and has retained
legal counsel in connection with the review of strategic
alternatives for UScellular. In connection with the review, the
UScellular independent directors, as authorized by the UScellular
board, have retained a financial advisor and legal counsel.
There is no deadline or definitive timetable set for completion
of the strategic review, and there can be no assurance regarding
the results or outcome of this review. TDS and UScellular do not
intend to comment further on this strategic review process, and
will make further announcements in accordance with their respective
ongoing disclosure obligations and pursuant to applicable laws and
regulations.
About TDS
Telephone and Data Systems, Inc. (TDS), a
Fortune 1000® company, provides wireless; broadband, video and
voice; and hosted and managed services to approximately 6 million
connections nationwide through its businesses, UScellular, TDS
Telecom and OneNeck IT Solutions. Founded in 1969 and headquartered
in Chicago, TDS employed 9,100
people as of June 30, 2023.
About UScellular
United States Cellular Corporation
provides a comprehensive range of wireless products and services,
excellent customer support, and a high-quality network to customers
with 4.7 million retail connections in 21 states. The Chicago-based company had 4,600 full- and
part-time associates as of June 30,
2023. At the end of the second quarter of 2023, Telephone
and Data Systems, Inc. owned 83 percent of UScellular.
For more information about TDS and UScellular, visit:
TDS: www.tdsinc.com
UScellular: www.uscellular.com
TDS Telecom: www.tdstelecom.com
OneNeck IT Solutions: www.oneneck.com
Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995: All information set
forth in this news release, except historical and factual
information, represents forward-looking statements. This includes
all statements about TDS' and UScellular's (collectively, the
"Companies") plans, beliefs, estimates, and expectations, including
with respect to the exploration of strategic alternatives for
UScellular. These statements are based on current intentions and
expectations, which involve certain risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements. Important factors that may affect these
forward-looking statements include, but are not limited to: whether
any strategic alternative for UScellular will be successfully
identified or completed, whether any such strategic alternative
will result in additional value for the Companies and their
respective shareholders and whether the process will have an
adverse impact on the business of the Companies. Investors are
encouraged to consider these and other risks and uncertainties that
are more fully described under "Risk Factors" in the most recent
filing of Form 10-K by either of the Companies, as updated by
either Company in any Form 10-Q filed subsequent to any such Form
10-K.
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SOURCE Telephone and Data Systems, Inc. and United States
Cellular Corporation